Introducing new taxes in Mid-year Budget Review will kill private businesses -Prof. Quartey warns

SourceJoy Business  

Economist, and Director of the Institute of Statistical Social and Economic Research (ISSER), Prof. Peter Quartey has cautioned that introducing new taxes in the Mid-year Budget Review will stifle private sector growth.

He is of the view that private enterprises have been badly hit by the difficult economic condition in the country.

The Finance Minister is expected to present the Mid-year Budget later this month.

Speaking to Joy Business, Prof. Quartey rather advocated for the removal of some taxes.

He stated that businesses are struggling under the current International Monetary Fund programme with Ghana which has seen drastic economic policies such as debt restructuring.

“We do not want to see new taxes. It is certainly going to kill the private sector. Looking at government’s own programmes and policies, bringing new taxes will kill the private sector”, he warned.

Prof. Quartey pointed out that there are enough taxes that could be properly coordinated and implemented to generate the needed revenue.

“Government must heed to the call not to introduce higher taxes but design measures to make the existing levies work”.

Citing the promises of Vice President, Dr. Mohamudu Bawumia as an example, Prof. Quartey said some of the brilliant ideas being espoused by Dr. Bawumia could be incorporated in the Mid-year Budget Review to bring some relief to businesses.

“We have seen some statements from the Vice President and the flagbearer of the New Patriotic Party (NPP). I believe they can work in the budget”.

He observed that the brilliant policy ideas by the Vice President must not only be reserved as campaign policies that can only be implemented after the 2024 elections.

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