GUTA Awaits Business-Friendly Budget, Urges Government to Address Key Concerns
The Ghana Union of Traders’ Associations (GUTA) has expressed optimism about the upcoming 2025 Budget Statement, slated to be presented by President John Dramani Mahama on February 27, 2025 ¹. GUTA’s President, Dr. Joseph Obeng, highlighted the government’s assurance to reduce the cost of doing business in Ghana by streamlining the tax system and reducing taxes, duties, and levies.
GUTA has outlined eight key expectations from the budget, including:
Scrapping Nuisance Taxes: Eliminating unnecessary taxes that hinder business growth
VAT Restructuring: Simplifying and making VAT more affordable and uniform
Duty Payment Reform: Pegging the Bank of Ghana Dollar Rate quarterly or bi-annually for clearing goods
Tax Amnesty Programmes: Introducing unconditional tax amnesty programmes to broaden the tax base and optimize revenue mobilization
Compliance Measures: Implementing effective education, monitoring, and enforcement measures
Fixed Tax System: Implementing a fixed tax system for spare parts as a pilot scheme for future expansion
Economic Stability: Ensuring stability of the local currency, reducing inflation and interest rates, and improving economic indicators
Government Expenditure: Properly scrutinizing and evaluating government expenditure to avoid waste and misappropriation of public funds
GUTA’s expectations are centered around creating a business-friendly environment that fosters growth and development. With the government’s assurance to reduce the cost of doing business, GUTA is hopeful that the 2025 Budget Statement will address their concerns and pave the way for economic prosperity.
