Ghana’s Parliament has given the green light to five new taxes, raising concerns about potential economic hardships in the coming year.
Franklin Cudjoe, the Founding President and Chief Executive Officer of IMANI Centre for Policy and Education, has expressed apprehension, stating that Ghanaians should brace themselves for more economic pain in the aftermath of the approvals.
Cudjoe, known for his outspoken views on policy matters, referred to President Nana Akufo-Addo as “big daddy” in a Facebook post, suggesting that the approved taxes are aimed at fueling 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 controversial decision also includes a range of unclear tax exemptions, with the exception of agricultural inputs.
Cudjoe justified this exception by pointing out 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 are scheduled to take effect on January 1, 2024, adding to the financial burden on citizens and businesses.
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.
Below is his post:
Source: ghanaweb.com
