The Ghana National Chamber of Commerce and Industry, (GNCCI) has entreated government to focus on tax efficiency and compliance, to increase revenues rather than introducing new taxes that stifles businesses.
The Chamber expressed concern about the negative impact that the newly introduced taxes by the State would have on businesses, which it said had the potency to collapse many indigenous businesses, affect job creation and the development of a robust private sector to spear growth.
Mr Clement Osei Amoako, the National President of GNCCI, was speaking at the second edition of the “Western Chamber Bazaar,” held on the theme: “Creating and Promoting unlimited Opportunities for Goods and Services Through Effective Market Linkages”.
The Bazaar, which was hosted by the Regional Branch of the Chamber, brought together diverse businesses to showcase, sell and create market linkages and future partnerships for local economic growth.
Mr Amoako said the Excise Duty, Growth and Sustainability levy and the income Amendment Bill, had a devastating effect on the private sector saying, “we cannot ignore the reality that these new taxes are counter-productive, obnoxious and harmful to the development of the private sector”.
Businesses in Ghana are already struggling under the existing tax regimes and the new additions would only exacerbate the turbulent business environment.
The GNCCI President indicated that the new taxes had the potential to make the country less competitive, discourage foreign investment and make it difficult for local enterprises and businesses to compete with their overseas counterparts.
He said already, the current harsh business environment had seen most businesses shut down, relocated to other countries or overburdening the consumer with operational cost, and urged government to create a conductive environment for businesses to thrive.
Mr Kwabena Okyere Darko-Mensah, the Western Regional Minister, said the region thrived on enterprises and was keen on seeing the private sector excel, and the Regional Coordinating Council was ready to assist businesses to grow.
He was happy to see the Regional Chamber of Commerce organise such a Bazaar and outreach to increase awareness on indigenous products and encouraged the manufacturing sector to participate in the next event, to showcase products of the region to the world.
The Regional Minister urged businesses in the Region to be resolute and participate in programmes such as the African Continental Free Trade and other such initiatives to grow the private sector.
