The Ghana Union of Traders Association (GUTA) has urged the government to swiftly review Ghana’s Value Added Tax (VAT) structure citing its cascading effect as a significant contributor to rising business costs.

Speaking on The Point of View on Channel One TV on Wednesday, May 14, as monitored by GhanaWeb Business, the President of GUTA, Dr Joseph Obeng stressed the need for VAT restructuring ahead of the 2025 national budget presentation in November.

"We have to revise the VAT, we have to restructure. The cascading effect of VAT is one major factor in costing, and it is not positively affecting businesses," he stated.

He also revealed that the Minister of Finance, Dr Cassiel Ato Forson had previously assured stakeholders that a task force would be formed to address VAT-related concerns.

However, he expressed disappointment that no such engagement has taken place.

"The Minister of Finance, Dr Ato Forson, promised they were going to form a task force to work on this, but we haven’t had any meeting to that effect for us to make our inputs. They should fast-track this before the November 2025 budget," he urged.

He stressed the importance of engaging stakeholders and swiftly reforming the tax system to promote business growth and economic stability.

SP/SA

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