The President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, has pledged that the association will compel the government to reduce taxes in the upcoming 2025 mainstream budget. Dr. Obeng made this statement following his disappointment with the mid-year budget review presented to Parliament on July 23, which failed to address the anticipated tax reductions.
“We were expecting the government to reduce or slash some taxes like the COVID-19 levy and the special import levy, but unfortunately, none of these happened,” Dr. Obeng said.
Highlighting the widespread discontent, he noted that many people believe such taxes should be abolished or repurposed to assist those undergoing dialysis or to support small and medium-sized enterprises (SMEs). However, these expectations were not met in the recent budget review.
GUTA’s primary concern, according to Dr. Obeng, is the stability of the local currency. The association has been instrumental in supporting SMEs, providing funds as a mitigation factor to help these businesses thrive.
In an interview with Puretvonline.com, Dr. Obeng expressed his dissatisfaction with the mid-year budget, stating that “there is nothing new in the budget.” He emphasized that GUTA will ensure the government addresses the issue of high taxes in the 2025 mainstream budget to alleviate the pressure on business entities in Ghana.
“We will make sure the government reduces taxes in the mainstream budget to reduce the pressure on business entities in Ghana,” he stated.
Dr. Obeng also urged the government to sustain the economic gains achieved thus far, stressing its importance for the business community. “It is crucial for the business community that the government maintains economic stability and continues to foster an environment conducive to growth,” he added.
The association’s primary objective remains the stability of the local currency, and it will continue to advocate for policies that support the growth and sustainability of SMEs. Dr. Obeng assured that GUTA will be vigilant and proactive in its efforts to ensure that the 2025 budget reflects the needs and concerns of the business community.
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