FINANCE MINISTER Ken Ofori-Atta is expected to present next year’s national budget statement to Parliament on Wednesday.
This follows the reversal of an earlier announcement which put the date for Monday, November 15, 2021.
However, Second Deputy Speaker and MP for Fomena, Andrew Asiamah Amoako, has announced it will take place on Wednesday since Parliament will discuss a lot of issues on November 15.
Minister for Parliamentary Affairs, Osei Kyei-Mensah-Bonsu, last year, presented the budget to Parliament because Mr Ofori-Atta had travelled outside the shores of Ghana to seek medical attention.
Speaking to journalists in Accra on new things to expect from the budget on Wednesday, Information Minister, Kojo Oppong-Nkrumah, indicated that the Akufo-Addo-led administration could initiate new taxes in the 2022 budget to mobilise revenue for development projects.
According to him, “Obviously, we would need to introduce some new broad-based taxes if we are to rake in the needed revenues to deliver what our people desire.”
“New taxes may have to be imposed on items that exclude the poor and do not have a high cascading effect so that it does not increase the difficulties that the Ghanaian is going through.”
Recently, there have been national discussions by CSOs and other stakeholders on comprehensive ways by which the government could mobilise revenue to bridge the wide fiscal deficit.
Also, the coronavirus pandemic has caused the country’s revenue levels to reduce because of the slowdown in business activities.
Furthermore, regarding tax to gross domestic product (GDP), Ghana appears to be trailing most of its peers in West Africa.
Ghana is recording below 15%, countries in the sub-region like Cote d’Ivoire and Nigeria are doing an average of 18%. This, therefore, has brought to the fore whether an increment in taxes could assist Government make some more money and undertake its development projects.
Mr. Oppong Nkrumah says Government has to find ways to pool resources through taxes to fund the demands for roads, schools and hospitals, among others.