28.9 C
Tuesday, May 30, 2023


Some products will see price increase from May 1 – GUTA

Related stories

Minority orders gov’t to Transfer JOHL shares to GNPC without delay

Upon the resumption of Parliament, the Minority declared its...

Put in more interventions to restore confidence in financial sector – Economist to BoG

Banking consultant Dr. Richmond Atuahene has criticized the Bank...

Africa’s 7 pharma multimillionaires you should know

The creator of South Africa's largest pharmaceutical manufacturer, Aspen...

Time to boost interest in local poultry business- CADA Veep

An appeal has been made by the newly-appointed Vice...

A robust African economy requires a single currency – Experts

The necessity for an African single trade currency was...

Algeria’s Issad Rebrab prohibited from managing any business activity

The former CEO of Cevital Group, Rebrab, who announced...

GAB advocates for a comprehensive solution to solve credit culture loopholes

There is an urgent need for coordinated efforts to...

Cedi pressured as US debt ceiling negotiations persist

The local currency has lost 1.48 percent of its...

A dollar selling at GHS12.00 at forex, GHS11.00 on BoG interbank

The Bank of Ghana's interbank forex rates for today,...

Energy Ministry finds fault with Aker’s US$1.7 billion FPSO bill

The Ministry of Energy has raised concerns over a...
- Advertisement -

The president of the Ghana Union of Traders Association(GUTA), Dr. Joseph Obeng has advised Ghanaians to brace themselves for a potential increase in the price of some marketable goods.

This follows the implementation of three new tax measures by the government, namely the Excise Duty, the Income Tax Amendment Acts, and the Growth and Sustainability Act, which were passed by Parliament despite opposition from the Minority and the business community.

- Advertisement -

Dr Obeng emphasized that since businesses and consumers are interdependent, any challenges faced by businesses will ultimately impact the consumers

Consequently, GUTA intends to pass on the extra costs incurred from the taxes to consumers. He explained that this would likely worsen the current inflation rate, causing more hardship for consumers.

- Advertisement -

“The business that we do, we do not do in isolation, we do with the consuming public so whatever affects the business community, the rippling effect goes to the consumer. As a matter of fact, it’s a cycle, whatever target is being enjoyed by one will be given to the end user and this is what is going to happen.

“So I can foresee that it’s going to compound the inflation that we are even experiencing, and the plight of the consuming public,” he explained in an interview on Joy Midday News on Thursday, April 27, 2023.

- Advertisement -

The GUTA President expressed disappointment in the government for failing to engage with them before implementing the taxes, despite their calls to suspend their implementation.

GUTA had hoped that government would consider possible revisions to the taxes to ease the burden on businesses and allow them to grow.

Nonetheless, GUTA intends to work with its stakeholders in the business community to get its petition for tax revision heard by the government.

“All that we sought was for government to engage with this so that if there could be any possible revision that we can give some respite for the businesses to grow, it would have been very helpful to businesses,” Mr Obeng said.

Companies have until the end of the month to adjust their systems to accommodate the new taxes, according to guidelines released by the Ghana Revenue Authority.


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories