Government has been urged to review the current tax regime, so as to reduce the burden on already struggling businesses.
“Government should use the mid-year budget to review some of the revenue measures introduced in the 2023 budget – including some of the new taxes that have the potential to adversely affect productive sectors of the economy,” Country Managing Partner of Deloitte Ghana, Daniel Owusu, has stressed at the 7th Ghana CEOs Summit and Expo held in Accra.
Given 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), he advised government to use the mid-year budget review to remove taxes that are stifling the private sector’s growth.
As government takes steps to restore economic stability and growth, Mr. Owusu and other speakers at the event said reviewing taxes which are stifling private sector growth would be a move in the right direction.
The Chief Executive Officer of CEO Network Ghana – organiser of the summit, Ernest De-Graft Egyir, argued that creating a conducive environment for businesses in the country must remain a priority.
The Network also underscored government’s need to consider small- and medium-sized enterprises (SMEs) as it proposes or implements taxes and fiscal policies.
He re-echoed calls for the passage of legislation to promote ease of doing business in the country, saying: “The passage of an Ease of Doing Business and Anti-Red Tape Act is the way to eliminate rigid conformity to procedures and requirements in government service which only create redundancy and bureaucracy”.
Such legislation, Mr. De-Graft Egyir added, will require government agencies to promote transparency in their services to the public by improving efficiency and reducing bureaucratic practices.
With the private sector becoming more involved in defining national strategies, he charged business leaders to offer more expansive perspectives on best practices for economic management and contribute to plans targetted at attaining economic sovereignty.
For his part, former President John Dramani Mahama decried the country’s current state, adding that the persisting challenges require a multi-faceted and comprehensive approach in tackling them effectively.
He called for collaboration between civil society, the private sector, researchers and government to maintain stability.
“By working together, we can leverage our collective knowledge, resources and experiences to implement comprehensive policies and initiatives that drive sustainable development growth, create jobs and improve the standard of living for all Ghanaians. We can foster innovation and create an economy that is resilient, inclusive and globally competitive,” he said.
The CEOs were also tasked to become technologically-driven and adapt to changing trends for industrial growth.
The 7th Ghana CEO Summit is a high-impact business leadership summit for over 500 topmost CEOs and dignitaries from across West Africa. The Summit was themed ‘Economic Sovereignty, Sustainable Corporate Governance and Digital Industrial Transformation: New Paths for Growth and Prosperity’.
Over the years, the Summit has engaged relevant partners to drive significant impact; thus creating a thought-leadership platform for industry insight, and business and economic policy initiatives and solutions through building awareness, shaping mindsets and agenda.