The Ghana Chamber of Commerce, and Industry (GNCCI) has made policy recommendations to the Manifesto Committee of the New Patriotic Party (NPP) for consideration for the 2024 elections.
The policy recommendations covered macroeconomic stability issues, ranging from reducing budget deficits to interest rates, flexible tax regimes, favourable business regulatory frameworks, and building economic resilience.
Dr. Clement Osei-Amoako, President of the Chamber, who made the recommendations at a dialogue session with the Committee, acknowledged the relevance of the dialogue, saying it afforded the Party and Chamber alike an opportunity to interact and incorporate the needs of the private sector into the manifesto.
He said there was a need to consider matters relating to skills development and entrepreneurial support programmes.
He said the Chamber shared the vision of the flagbearer of the NPP to simplify the corporate tax and VAT systems, which were currently difficult for businesses, and the revision of certai
n tax rates.
‘In addition to that, the Chamber recommends a graduated system for tax payments based on annual turnover and employment size be implemented. Reassessing that flat corporate tax rate at 25 percent across all businesses, as it acts as disincentive for the private sector,’ he said.
He said it was important to re-evaluate the excise duty amendment bill of 2023 and lower existing taxes, including reverting the current VAT regime to its state in 2016.
‘We want you to consider the COVID-19 levy, which has surpassed its relevance to provide relief to businesses,’ he said.
The President of the Chamber said it was also important to revise port levies and duties to reduce the cost of doing business at the Ghanaian ports, adding the Chamber support the e-visa initiative.
He said, ‘we need to intensify efforts to broaden the tax base, thereby alleviating the burden on a few complaints’ taxpayers, while employing effective measures to address them.’
Dr Osei-Amoako said the Chamber supported the intentio
n to provide tax amnesty and implement tax administration to ensure that everyone fulfilled the tax obligations.
‘The Chamber welcomed the idea of collaborating with the government for the private sector to spearhead the provision of infrastructure projects for the country,’ he said.
He said the building of economic resilience against pandemics and global economic downturns was key in reducing Ghanaian businesses vulnerability.
He said the Committee must consider initiatives to build the resilience of the Ghanaian economy and develop policies anchored on reducing Ghanaian businesses vulnerability.
Source: Ghana News Agency
