An economist from the University of Cape Coast, Professor John Gatsi, has urged the government to focus on prioritizing revenue mobilization in the 2024 budget.
Finance Minister Ken Ofori-Atta is expected to present the government’s 2024 Annual Budget Statement and Economic Policy to Parliament today, Wednesday, November 15.
This constitutional exercise will be carried out by the Finance Minister on behalf of President Nana Addo Dankwa Akufo-Addo.
Various groups, including the Ghana Union of Traders’ Association (GUTA), the Food and Beverages Association of Ghana (FABAG), the Importers and Exporters Association of Ghana, and several other trading associations, have called on the government to introduce major tax cuts to alleviate the economic and financial burden on Ghanaians ahead of the presentation.
The Concerned Drivers Association of Ghana is also advocating for the reintroduction of road tolls in the budget to help repair Ghana’s deplorable roads.
Speaking in an interview on Eyewitness News on Citi FM on Tuesday, Prof. Gatsi indicated “We should ensure that we maximize revenue mobilization, realign expenditure, and focus on things that will generate the growth the country needs to anchor in all fiscal indicators so that we will see our way clear.”
He stressed that what the country needed to do was to “focus on revenue mobilization as well as defining a very clear attractive environment for businesses that will allow them to engage in productive activities.”
Meanwhile, the Member of Parliament for Yapei-Kusawgu, John Jinapor, says the Finance Minister, Ken Ofori-Atta, intends to raise an additional GH₵11 billion through the imposition of new taxes in the 2024 Budget.
“We just met the Minister of Finance at the Finance Committee, and the minister indicated that he intends to raise an additional GH₵11 billion, which is about 1 percent of GDP, but we have told him that we think that the people have been taxed so much. It will be inappropriate to come with new taxes; rather, the minister should look at cost-cutting,” Jinapor said.
He added, “I think that it is improper and unacceptable to further come out with new taxes and increase the tax burden on Ghanaians.”