The Importers and Exporters Association of Ghana has served notice that starting in January 2023, prices would rise.

The Association claims that the approved 2.5 percent increase in the value added tax is to blame for the anticipated price increases.

The Value Added Tax Amendment bill, which would have raised the rate by 2.5 percent, has been approved by a majority of lawmakers.

As a result, Ghana's total amount of VAT might reach 21.5%.

In response, Samson Awingobit, the executive secretary of the association, said that the hike was a horrible choice and the exact reverse of what the current government did.

He said the current government promised to move Ghana from taxation to industrialization.

"However, they have done the opposite. They have failed all the promises they made to the business community. They have introduced more taxes since they took over.”

“We strongly believe that the government has been unjust to the business community,” he said. I can tell you with certainty that, since 2018, all of the promises they made to us have not been fulfilled. Their policies have derailed our businesses, eroded our interests, and impacted our capital.”