The Ghana Union of Traders’ Associations (GUTA) has expressed optimism about the 2025 Budget Statement, urging President John Dramani Mahama to prioritize a business-friendly budget that will reduce the cost of doing business and create a stable economic environment.
GUTA’s President, Dr. Joseph Obeng, emphasized the need for significant tax reforms, citing the abolition of “nuisance taxes” that impede business growth. He also stressed the importance of restructuring the Value Added Tax (VAT) system to make it more simplified, affordable, and uniform.
Key Expectations from GUTA:
- Abolition of Nuisance Taxes: Scrap all taxes that hinder business growth
- VAT Restructuring: Simplify, make affordable, and uniform the VAT system
- Stable Exchange Rate: Peg the Bank of Ghana’s dollar rate quarterly or bi-annually to determine duty payments at ports
- Tax Amnesty Programmes: Introduce unconditional tax amnesty programmes to broaden the tax base and optimize government revenue mobilization.
Dr. Obeng expressed confidence in the government’s commitment to creating a business-friendly environment, stating that such a budget will foster growth and prosperity for all traders in Ghana.
