The Minority in Parliament claims that the upcoming 2018 Budget to be presented by the Finance Minister on Wednesday, 15th November,2017 is expected to contain a tax on mobile money transactions.
According to the spokesperson for Minority on Finance, Cassiel Ato Forson, government has the intention to tax mobile money transactions, which he says must be aborted immediately since it constitutes a serious threat to financial inclusion and economic growth in Ghana.
Speaking at the Minority Breakfast Meeting with stakeholders on 2018 Budget and Economic Policy, Mr Forson explained that: “It is also regressive because, compared to the relatively affluent non-core financial services that the NPP removed for the relatively rich, this insensitive [mobile money umbrella tax] will seriously affect millions of Ghanaians who use their telephones to transfer small amounts to relatives.”
The Minister for Finance, Ken Ofori-Atta will be presenting the 2018 budget statement and economic policy of government on November 15,2017 which is expected to focus on Industrialization; Agriculture and consolidation gains made after almost a year in office.
There are strong indications that government may push ahead with some fiscal reforms that could lead to further cuts in tax rates as well as social intervention programs such as Free Senior High School, nurse training allowance would be maintained.
However, the Minority maintains that it is an indirect way of taxing transactions such as transfers of school fees and medical bills.
Mr Forson also added that the NPP must provide some relief to low-income families from “chop money” transfer tax, as it is nothing more than a backdoor move to reintroduce the taxes they removed last year.
On the country’s debt, Ato Forson indicated that the national debt has ballonned alarmingly within 11months that the Akufo- Addo government has been in charge.
At the last reckoning, the public debt had increased from GH₵122.6billion in January,2017 to GH₵138.6billion as of June and is set to increase due to recent developments to 150billion by end of December 2017.