Government is being urged to use the mid-year budget to review some of the revenue measures introduced in the 2023 budget.
Country Managing Partner of Deloitte Ghana, Daniel Owusu, made this point at the 7th Ghana CEOs Summit and Expo held in Accra this week, so as to reduce the burden on struggling businesses.
The current economic challenges and need to build strong and competitive businesses to realise the country’s aspiration of becoming a leading player within the African Continental Free Trade Area (AfCFTA) call for a review of the current tax regime.
Participants also underscored government’s need to consider small- and medium-sized enterprises (SMEs) as it proposes or implements taxes and fiscal policies.
It is vital for policymakers to consider the alignment of tax policies to the growth needs of SMEs. It must be remembered that taxes increase the cost of production for goods and services, which eventually causes prices of goods to surge and thus affect the final consumers.
Attention should be geared toward the adverse effects of taxes on SMEs irrespective of their contribution of taxes to GDP, because SMEs are seen as the driving force for growth of the Ghanaian economy.
It is important to factor in that SMEs face several challenges which hinder their development, and SMEs are seen to be the largest employer of workers.
The 7th Ghana CEO Summit had as its theme ‘Economic Sovereignty, Sustainable Corporate Governance and Digital Industrial Transformation- New Paths for Growth and Prosperity’.