The Association of Ghana Industries (AGI) has called on President Mahama’s new government to quickly fulfill its commitment to simplifying Ghana’s tax system.
The AGI believes that this move will offer much-needed relief to businesses facing difficulties.
Pointing out the challenges confronting manufacturers, the association emphasized that tax complexities have hindered the growth of the sector, limiting efficiency and expansion.
In an interview with Citi Business News, Tsonam Akpeloo, the Greater Accra Regional Chairman of the AGI, underscored the importance of streamlining the tax process to support the government’s ambitious goal of establishing a 24-hour economy.
“Our view is that this year should remain a year that would witness a proper cancellation of some of these nuisance taxes. And if we see that happen, you would begin to witness a situation where industry, especially the manufacturing component of industry will grow tremendously. If you observed last year, even though there appeared to be an increment in the GDP growth rate of industry, the real manufacturing sector is actually not growing.”
Tsonam stressed the need for a rationalized tax regime to ease the financial burden on businesses.
He said these comprehensive tax reforms will stimulate growth, enhance competitiveness and attract investments to boost the economy.
He also expressed optimism that under President Mahama’s leadership, the government will address the concerns of the business community and implement policies that foster industrial development.
“The manufacturing sector is not growing because most of these taxes and other factors are making it difficult for us to grow. And so we want a situation where the issues are properly dealt with this year, especially to ensure that the government will essentially promise a 24-hour economy, will really take some of these bold steps, to promote proper industrialisation.”
