Former President John Mahama has pledged to reduce the tax burden on Ghanaians if elected in the December 2024 elections.
Speaking at the 9th Ghana CEO Network Business Cocktail on Thursday, December 7, 2023, Mahama criticized the Akufo-Addo government’s 2024 budget, stating that it introduces additional taxes, adding to the already burdensome tax regime.
Mr Mahama, argued that the new taxes proposed by the Akufo-Addo government are indicative of an ailing economy, with a failing industrial base, collapsing businesses, and growing unemployment.
He highlighted the high interest rates and emphasized the negative impact these measures would have on Ghanaian businesses, hindering their competitiveness.
The former President expressed concern about the economic crisis, citing a 14% unemployment rate. He attributed the economic challenges to the current government and called for a change in the status quo for the sake of Ghanaians and the country’s future.
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“An economy whose industrial base is failing and businesses collapsing with growing unemployment and its associated poverty and misery. Unemployment remains high, with the latest data indicating about 14%.
“These taxes, combined with very high interest rates, will further whittle away the capital of Ghanaian businesses and hinder their competitiveness. The economic crisis has ravaged all of us, but as business leaders, you have a deeper appreciation of the current situation.
“Paraphrasing Bob Marley and the Wailers, “who feels it, knows it.” Undoubtedly, the economic catastrophe we face is self-inflicted and caused by this government! However, for the sake of Ghanaians and the future of our dear country, we cannot allow the status quo to continue,” Mr Mahama stated.
In his capacity as the flagbearer of the National Democratic Congress (NDC), Mahama outlined several proposals to stabilize the economy, expand economic activity for job creation and growth, and ease the tax burden on households and businesses.
He mentioned plans to review laws governing the extractive industry to increase Ghana’s share and local participation in exploiting natural resources. Mahama also emphasized the importance of improving revenues through measures such as reducing the size of the government, anti-corruption efforts, fast-tracking the operationalization of new oil and gas wells, increasing investment in the mining sector, and revitalizing the cocoa sector.
The former President’s pledge to provide tax relief for businesses, aligns with his broader economic vision and commitment to addressing the challenges faced by Ghanaians.
The upcoming elections, will determine whether these proposed measures will come to fruition.
He stated that as flagbearer of the National Democratic Congress, “I have put forth several proposals to ensure that the economy is returned to a stable footing and that economic activity is expanded for job creation and growth.
“We would review our laws governing the extractive industry, so that Ghana can increase its share and local participation in exploiting our natural resources.
”With improved revenues from the savings made from a reduced size of government, anti-corruption fight, fast-tracked operationalization of new oil and gas wells, increased investment in the mining sector and a revamped cocoa sector, we can ease the heavy burden of tax that has been placed on Ghanaian households and businesses.”
