Ghana's Parliament has approved five new taxes, raising concerns about potential economic hardships in the coming year.

Founding President and Chief Executive Officer of IMANI Centre for Policy and Education, Franklin Cudjoe, has expressed apprehension, warning that Ghanaians should prepare for more economic challenges in the aftermath of these approvals.

Mr Cudjoe, known for his outspoken views on policy matters, suggested in a Facebook post that the approved taxes are aimed at funding extravagant spending in 2024, an election year.

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."

The decision to implement new taxes in Ghana includes a range of unclear tax exemptions, with the exception of agricultural inputs. Franklin Cudjoe justified this exception by highlighting the persistently high food inflation.

"A reduction in food inflation will see overall inflation reduced to manageable limits by mid-2024."

Expressing hope in the Agriculture Minister's ability to prevent misuse of fertilizers, Cudjoe added, "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."

The approved taxes in Ghana are scheduled to take effect on January 1, 2024. This implementation is expected to add to the financial burden on citizens and businesses, raising concerns about the potential impact on the cost of living and economic activities.

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

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