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Business News of Monday, 17 January 2022

Source: www.ghanaweb.com

Today in History: I will scrap ‘killer’ taxes as president – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo President Nana Addo Dankwa Akufo-Addo

President Nana Addo Dankwa Akufo-Addo in 2016 stated that his administration would scrap taxes imposed by the incumbent president at the time, John Dramani Mahama.

He was the then flagbearer of the New Patriotic Party.

President Akufo-Addo attributed the high cost of living to the high taxes being imposed on Ghanaians and their businesses.

He said, “because of the high taxes imposed on every business activity in this country, including yours, businesses are being throttled. It is, therefore, no surprise that things are difficult in Ghana at the moment. Under my government, these taxes, imposed on you as a result of the mismanagement of the Ghanaian economy will be no more”.

Read the full story originally published on Jan 17, 2016 by Classfmonline

The plethora of taxes imposed on Ghanaians by the Mahama administration will be scrapped under an Akufo-Addo government, flagbearer of the New Patriotic Party (NPP), Nana Akufo-Addo has promised Ghanaians.

“Because of the high taxes imposed on every business activity in this country, including yours, businesses are being throttled. It is, therefore, no surprise that things are difficult in Ghana at the moment. Under my government, these taxes, imposed on you as a result of the mismanagement of the Ghanaian economy will be no more,” Mr. Akufo-Addo told a horde of beauticians and hairdressers when he met them at the University of Ghana on Thursday at a dinner organised to climax a 5-day seminar of the Association at Mensah Sarbah Hall.

Among the taxes Mr. Akufo-Addo was making reference to is the recently passed Energy Sector Levy which resulted in the prices of petroleum products shooting up by 27%. The Government also imposed a 1% withholding tax on individuals’ investment earnings. Public outcry forced the Finance Ministry to scrap it. Also, a raft of income and corporate tax increases were approved recently.

Organised Labour has resolved to go on a nationwide demonstration on Wednesday and follow that with a two-day strike over the Energy Sector Levy Act, as well as recent hikes in taxes, prices of fuel products and utility tariffs. Organised Labour has described the tax, utility and fuel price hikes as “killer” increases.

“Apart from the issue of taxes, our government will also work to bring down the cost of doing business, especially the high interest rates charged by banks to local businesses.

“The path to prosperity lies in strengthening local production and local businesses. An Akufo-Addo government is going to devote all its energies, wholeheartedly, to ensuring that this takes place,” the three-time flagbearer said.

Mr Akufo-Addo also assured the membership of the National Association of Beauticians and Hairdressers that a future Akufo-Addo government, God-willing, from 2017, will put in place the requisite conditions for their businesses to flourish.

The Association has a membership of 20,000 hairdressers and beauticians from all 10 regions of the country. The purpose of the seminar, which is held annually, is to enhance and improve the skills of beauticians and hairdressers. The Association also invited its Togolese and Beninoises counterparts.

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