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| (Mark Badu-Aboagye) |
The Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu-Aboagye, has raised a crucial concern regarding the tax structure in Ghana. His sentiments were echoed by the Dean of the School of Business, Professor John Gatsi, during a discussion on Joy Business’ Pre-Budget Forum.
Badu-Aboagye emphasized that the current tax structure in Ghana poses a significant threat to the existence of businesses. He highlighted that the burden of taxes has become overwhelming for businesses, impeding their ability to grow and expand. He specifically mentioned the presence of "nuisance taxes," including those initially introduced to address specific issues like the COVID tax. Although acknowledging the necessity of repaying borrowed funds, he emphasized the need for transparency in how these funds were utilized by the government.
Moreover, Badu-Aboagye stressed the importance of striking a balance between revenue generation and enabling business activities. He insisted that the government's approach should be such that it stimulates the private sector rather than stifling it. He further emphasized that the 2024 budget must address this critical imbalance.
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Echoing similar sentiments, Professor John Gatsi emphasized that the government should not solely rely on taxing businesses as the primary means of revenue generation. He highlighted the essentiality of creating a business-friendly environment that fosters expansion. He warned against policies that, in the pursuit of revenue, could inadvertently harm the business climate and diminish tax compliance.
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Both experts emphasized the need for a holistic approach, where the government endeavors to strike a balance between revenue generation and a conducive business environment. They cautioned against policies that excessively burden businesses with taxes, as this could backfire and ultimately lead to reduced tax compliance.
It's clear that both leaders are actively engaging in a substantive conversation about the delicate balance between revenue generation and the facilitation of business operations, signaling a pivotal moment for policymakers to reevaluate and address these critical concerns in the upcoming budget.
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