Leader of the New Force Movement, Nana Kwame Bediako, has pledged to eliminate excessive taxes imposed on Ghanaian traders if elected President in the upcoming 2024 general elections.

He believes these taxes are severely hindering the wealth generation potential of traders, leaving them in hardship.

Mr Bediako made these remarks during an introductory meeting with the Ghana Union of Traders Association (GUTA) in Accra.

The meeting aimed to understand the current challenges faced by the union and explore how both parties could collaborate to develop meaningful policies to address issues within the Ghanaian business landscape.

“I can’t stand here and say that I’ll create free taxes once you start trading, but definitely I’ll look into it and make it reasonable overnight. Because there’s no point if that’s the only job we have as part of the nation, thus, importing from other countries then at the end of the day, we spend 60 or 70% and by the time we sell, the 30% profit we’re supposed to make is gone either by interest from what we borrowed or by just living the hard life. So, I would definitely revise the taxes.”

Some affected students have managed to pay off outstanding fees, but the university is now unable to intervene in the Home Office process, the BBC understands.

A university spokesman said: "Teesside University is proud to be a global institution with a diverse student population but is also very aware of its obligations regarding visa issuance and compliance.

"These strict external regulations ensure that the university fully supports a robust immigration system and is outside of the university’s control."

The spokesman added it was "aware of the challenging financial situation faced by some students" and had "actively offered bespoke payment plans where requested".

"This option has been taken up by many of our international students; however, some students have still defaulted on these revised payment plans," he said.

The Home Office said a decision to offer or withdraw visa sponsorship rested with the sponsoring institution.

A spokesman said wherever a visa was shortened or cancelled, individuals should "take steps to regularise their stay or make arrangements to leave the UK".

He also mentioned plans to impose embargoes on foreign traders operating within the country, aiming to ensure that the wealth generated remains within Ghana.

“I want to infuse industrialization into your trading, that a lot of things that you go to China to bring would be made here and you would be able to distribute it. But before I implement that plan, I’d have to place an embargo for you traders by stopping the outsiders who are invading your trading in the country,” he said.

“Our major concern as businesses now are with exchange rates. If there’s no stability in your currency, you cannot even industrialize because the products of your industry is not going to be competitive in the sub-region. So, there’s a need therefore that we do everything to stabilize our currency. Our capital is being spirited away and now we have crossed the threshold of 15 cedis to a dollar.

“We are also proposing that our tax and duty system be simplified and thrown down to the barest minimum to make tax payment affordable and that will definitely ensure compliance”.