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The government has been urged by the Association of Ghana Industries (AGI) to reduce the high energy expenses incurred by industry in its forthcoming mid-year budget review.
AGI claims that this action will shield local business owners from financial ruin brought on by excessive production expenses.
This request was made by Mr. Kwasi Nyamekye, the Chairman of AGI in the Bono, Ashanti, Ahafo, and Bono East Regions, during an interview with Osei Akoto Kanu on OTEC FM’s afternoon political program, Dwabrem, on Monday.
The mid-year budget review by Finance Minister Hon. Mohamed Amin Adams for 2024 is set on July 23, 2024, however Mr. Nyamekye’s plea takes place prior subsequently.
He made it clear that in order to support local producers in surviving in business, AGI wants the government to lower taxes and import levies.
This, Mr. Nyameky says, has brought an increased tax burden on industry – especially the removal of incentives on importation of raw materials and introduction of new taxes like the amended Excise Duty and Growth and Sustainability Levy, among others.
According to Mr. Nyamekye, these taxes are hindering growth and development of enterprises in the country. Therefore, it has become necessary that steps be taken to remove them. He warned that failure to remove some of these taxes could lead to the collapse of many businesses and loss of jobs.
Source: Ghanatodayonline.com/Kwame Agyenim Boateng
