The taxes comprise the Excise Duty Amendment Bill 2022, the Growth and Sustainability Levy
Bill 2022, the Ghana Income Authority Bill 2022, and the Income Tax Amendment Bill 2022,
which are estimated to generate around 4 billion Ghana Cedis in annual income as part of
domestic revenue mobilization.
Mr. Asaki stated at the Ghana New Agency Industrial News Hub Dialogue platform, “I believe in
recent memory this is the first time in the country where a Finance Minister has introduced a tax
and all stakeholders and unions are kicking against it, which must be an indication to the
government that the implementation of the tax was unacceptable.”
He stated that the constant imposition of taxes in the business sector would not only cripple the
sector but would also prevent the government from reaching its objectives in terms of the
quantity of taxes it expected to receive.
He continued by stating that the majority of companies would be compelled to close their doors
as a result of continually operating at a loss, which would raise the unemployment rate. The
government would then look unsatisfactory and be obliged to create an environment that is
conducive to businesses thriving in the nation.
He expressed concern that the application of the taxes would trickle down to the poor, worsening
their condition because prices of commodities in various markets were already high, and he
advocated for the reinstatement of obsolete taxes.
“This government has come to make the poor the poorest and the rich the richest, because it is
the rich man who goes and buys real estate, so if you really need that $4 million that these three
bills will give them, they should reintroduce the aviation fuel taxes, real estate taxes, and luxury
vehicle taxes,” he stated.
Mr. Asaki stated that the government should have taken the time in 2022 to understand the
business situation and how most enterprises lost money, resulting in the ultimate closure of some
institutions and organizations, and he advocated for more engagement on tax implementation.
During the discussion, Mr. Abraham Koomson, Secretary General of the Ghana Federation of
Labour (GFL), stated that the imposition of new taxes is a threat to national economic progress.
He added that these enterprises employed people who paid their salaries and social security and
helped to raise Ghanaians’ living conditions.
He stated that the government should not force factories to leave the country because some of
these enterprises had already begun to decrease their workforce and others were planning to
close down soon.
Mr. Koomson emphasized that eliminating these businesses would result in no money for
development and would raise the country’s unemployment rate.
He warned that foreign countries investing in the country should not be discouraged if indigenous
firms are not revitalized for the sake of the country’s future.
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