Economic analyst and aspiring parliamentary candidate for the Okaikoi North constituency in the New Patriotic Party (NPP), Mr. Kofi Nyarko Adepa, says the increase in the Value Added Tax (VAT) BY 2.5 per cent was not a good decision.
The analyst and aspirant said the current economic conditions Ghanaians are facing make it unfortunate for the government to take that decision.
Speaking on Rainbow Radio 87.5 FM’s Frontline, he stated that the prices of goods and services were already high and that the increase in VAT would have an impact on prices.
He stated that one of the reasons for rising goods and services prices is the rising cost of fuel.
The analyst and politician said some traders and businesses could take undue advantage of the situation and exploit their customers.
Mr. Adepa stated that “once VAT is raised, prices will rise.” Unless you do not buy, VAT affects everyone. Price increases are already becoming an issue in Ghana. What is driving it? The price of gasoline. When the price of fuel rises, so do the prices of goods. Ghanaians are dissatisfied with the high cost of living.”
“I would have preferred if the GRA increased compliance. I know they have invested heavily in new technologies, and they should have used these systems to generate more revenue rather than raising the VAT.”
”I am not here to rubber stamp everything in the budget. Where it is good, we need to say it is good, but where there are issues, we have to speak about them.”
