Ghanaian economist Julius Gyimah has opined that Ghanaians would have to be fair to the Nana Addo-led administration when it comes to the issues of taxes.
He said although Ghanaians may have challenges with the three new taxes introduced by the government in the face of our crisis and economic challenges, they scrapped some taxes in their first term.
Mr. Gyimah speaking to Kwabena Agyapong on Frontline on Rainbow Radio 87.5Fm, said the country is currently going through a serious crisis, and we need measures to address this crisis.
He explained that Ghana’s current economic policy should prioritise Ghanaians, which will help the economy.
He stated that if you have plans to industrialise the economy and foreigners take over, you don’t earn much from your system because, at the end of the day, the larger money, which represents the capital that could help turn things around, including agriculture, industry, the economy, and others, is remitted to their respective countries.
”Yes, and so people will slam the government over the introduction of the new taxes against the promise to move from taxation to production. But it seems they are introducing more taxes. But of course, we also have to be fair to the government. In its first term, this government scrapped a lot of taxes. However, we also have to examine the economic direction of our country.”
He told host Kwabena Agyapong that the years 2021 and 2022 were critical in light of what had happened in the country, adding, “I have always maintained that there are relevant years that have changed all the work the government had done. Going forward, the government requires an economic recovery plan and a contingency plan to assist us in times of economic crisis and return it to the levels that we were enjoying”.
“As of now, the government’s focus is that some taxes have been imposed, some new ones have been introduced, and the rates of existing ones have been raised. The government had also broadened the scope to include more people in the tax bracket.”
He added, ”the revenue of the government has been low, and yet, expenditure remains the same with an increase in the budget deficit, challenges with our inflation, the challenges we are facing with the exchange rate with an economy that is import driven is leaving us with a trade deficit, and that is why we have decided to go back the IMF for short term liquidity support to help us stabilise the economy”.
By: Rainbowradioonline.com/Ghana
