PRESIDENT AKUFO-Addo has urged traders in the country to tone down profiteering, which is contributing to inflationary pressures.
In a prime-time televised speech Sunday night, he said, “I hear from the market queens also that another factor fueling the high prices is the high margins that some traders are slapping on goods, for fear of future higher costs.”
The President encouraged the traders not to make the utmost profits out of the current difficulties facing the country, asserting, “I say to our traders, we are all in this together. Please, let us be measured in the margins we seek.”
He continued, “I have great respect and admiration for the ingenuity and hard work of our traders, especially those that take on the distribution of foodstuffs around the country, and I would hesitate to join in calling them names.”
“I do make a heartfelt appeal that we all keep an eye out for the greater good, and not try to make the utmost profits out of the current difficulties,” he pleaded.
According to him, the basic problem the nation faces is that the government is not making as much money as needed to spend, and that the little money is going to payment of debts contracted to fund development projects.
“Not enough of us are paying our taxes, not enough of us are producing to generate the revenues that we need,” he noted.
President Akufo-Addo said he was aware of the increasing cost of living, which is the number one concern for all Ghanaians.
He explained that high cost of living was driven by “fast escalating fuel prices” at the pumps, which is caused by high crude oil prices on the world market and our depreciated currency.
“I know that this is putting intolerable pressure on families and businesses. I know that people are being driven to make choices they should not have to make, and I know that it has led to the devaluation of capital of traders and painfully accumulated savings,” he intimated.
The President disclosed that the government was working to secure reliable and regular sources of affordable petroleum products for the Ghanaian market.
“It is expected that this arrangement, when successful, coupled with a stable currency will halt the escalation of fuel prices and bring relief to us all,” he assured.
Revenue Improvement
President Akufo-Addo said his government was committed to improving the revenue collection effort, from the current tax-revenue to GDP ratio of 13% to between 18% and 20%, to enable Ghana to be competitive with its peers in the Sub-Saharan Africa region.
“The GRA is rolling out an extensive set of measures to support this enhanced revenue mobilisation. All of us must do our patriotic duty, and support the GRA in this exercise,” he appealed.
He said the government was aiming to restore and sustain macroeconomic stability within the next three to six years, with a focus on ensuring debt sustainability to promote durable and inclusive growth while protecting the poor.
He disclosed that the government had also decided to review the reforms in the energy sector, capping of statutory funds, implementation of the Exemptions Act and a new property rate regime.
“We have decided also to continue with the policy of 30% cut in the salaries of political office holders, including the President, Vice President, Ministers, Deputy Ministers, MMDCEs, and SOE appointees in 2023, just as we will continue with the 30% cut in discretionary expenditures of Ministries, Departments and Agencies,” he stated.
BY Ernest Kofi Adu