Mark Badu-Aboakye, the Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI) has projected that the new revenue bills introduced by the government will trigger the collapse of so many businesses in the country.
Three new revenue bills were approved by the Parliament of Ghana on Friday, March 31, 2023. These bills include the Excise Bill Amendment 2022, the Growth and Sustainability Levy Bill 2022and the Income Amendment Tax 2022.
These new taxes according to the government will facilitate the Board Approval for the $3 billion bailout the country is seeking from the International Monetary Fund.
According to Mark, these new taxes will heighten the cost of production as well as the making it difficult for Ghanaian businesses to run and also to make profit.
Speaking in an interview on Joy FM monitored by 1Family Radio, Mr. Aboakye noted that the implementation of these bills will collapse so many businesses or will lead to the downsizing of some companies.
“The government will end up crumpling so many Ghanaian businesses. Some businesses will not be able to survive which lead to scaling down or complete shutdown,’’ he stated.
He furthered that the implementation of these bills wasn’t necessary considering the current economic mess of the country.
“The timing of the passage of these bills was bad, taking into consideration the current economic condition we are facing,’’ he said.
The GNCCI boss disclosed that so many businesses and investors have travelled outside the country because of the taxes the government keeps imposing.