Dr. Clement Osei Amoako
The Ghana National Chamber of Commerce and Industry (GNCCI), has called on the government to support value additions, local content and export avenues for local businesses in order to raise the needed revenue expected.
According to the Chamber, the rapid depreciation of the Cedi, against other major foreign currencies among other variables affecting the country could be addressed if efforts were made to support the local production and business.
Dr. Clement Osei Amoako said the IMF will provide temporary relief in addressing the external shocks facing the economy hence the need to support local business to achieve macroeconomic stability.
He said, “The rapid depreciation of the Cedi against other major foreign currencies, the high cost of fuel, high inflation and high policy rates are heightening the cost of dong businesses in the country.
The decision to seek balance of payment support from IMF provides temporary relief in addressing the external shocks facing the Ghanaian economy. These are sustainable tools needed to manage exchange rate and inflation stability”.
He further urged the government to operationalise the tax exemption bill, property tax bill among others to help local businesses as the continuous depreciation of the cedi, high inflation rates and high taxes were affecting its members.
Parliament earlier this year passed the Tax exemptions Bill 2022 to streamline the tax exemption regime in the country.
The Bill among other things comprises tax waivers given to local and foreign companies to encourage increased investment in the country.
The bill would also set clear eligibility criteria for tax exemptions, and provide for the monitoring, evaluation and enforcement of exemptions.
By Ebenezer K. Amponsah