Ghana's Parliament has granted approval for five new taxes, raising concerns about potential economic challenges in the upcoming year.

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The Founding President and Chief Executive Officer of IMANI Centre for Policy and Education, Franklin Cudjoe, has expressed worry, cautioning Ghanaians to prepare for increased economic hardships following the parliamentary approvals.

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Known for his outspoken views on policy matters, Mr Cudjoe referred to President Akufo-Addo as "big daddy" in a Facebook post, suggesting that the sanctioned taxes are intended to support extravagant spending in 2024, an election year.

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In his post, Cudjoe remarked, "Parliament on Friday night approved 5 more taxes to help Nana Addo's Big Daddy state splash out big time in 2024 - an election year - inflicting more economic pain."

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The controversial decision also encompasses a range of ambiguous tax exemptions, excluding agricultural inputs.

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Cudjoe justified this exclusion by highlighting the persistent high food inflation, stating, "A reduction in food inflation will see overall inflation reduced to manageable limits by mid-2024."

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Expressing confidence in the Agriculture Minister's ability to prevent fertilizer misuse, Mr Cudjoe added, "A reduction in food inflation will see overall inflation reduced to manageable limits by mid-2024."

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"I am hopeful the current Agric Minister will rely on his precocious security background to ensure fertilizers do not end up on donkeys carted away to Togo and Burkina as happened under his predecessor."

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Scheduled to take effect on January 1, 2024, the approved taxes will further burden citizens and businesses financially.

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Cudjoe concluded his post with a cautionary quote from the famous American lawyer Gideon Tucker: "No man's life, liberty or property are safe while the Legislature is in session."

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"And Ghana's Parliament decided to impose these taxes at night, so spend wisely this Christmas," he emphasized.

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