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2025 Budget: GUTA calls for tax cuts, currency stability, and cost reductions
The Ghana Union of Traders’ Associations (GUTA) has expressed cautious optimism ahead of the government’s 2025 Budget Statement, emphasising the need for significant reforms to reduce the cost of doing business.
The Association welcomed assurances from the new administration to streamline the tax system and cut down taxes, duties, and levies, which have long been a burden on the trading community.
“The assurance to ease the business climate through tax reforms is a step in the right direction,” GUTA President Dr. Joseph Obeng stated.
“Our expectations are clear, and we believe this budget is an opportunity to address long-standing challenges traders face,” the added.
GUTA has outlined key expectations from the budget, starting with the elimination of what it terms “nuisance taxes.”
The Association believes that scrapping redundant taxes will significantly relieve businesses, promote growth, and foster a more competitive market environment.
High on the list of demands is the restructuring of the Value Added Tax (VAT) to make it simpler, more affordable, and uniform across sectors.
“A reformed VAT system will ease compliance burdens and make operations more predictable for businesses,” Dr Obeng noted.
Addressing concerns over the volatility of the Ghana cedi, GUTA has proposed that the Bank of Ghana’s dollar rate—used to determine import duty payments—be fixed quarterly or bi-annually instead of the current weekly or biweekly adjustments.
“Frequent changes in the dollar rate destabilise business planning. Pegging it quarterly will bring much-needed stability,” the Association emphasized.
GUTA is also advocating for the introduction of unconditional tax amnesty programs to broaden the tax base.
Such initiatives, the Association believes, will encourage non-compliant businesses to enter the tax net and allow companies with irregularities to settle obligations without harsh penalties.
“This is not just about revenue mobilization—it’s about giving businesses breathing space to recover and grow,” Dr. Obeng explained.
On compliance, GUTA is urging the government to adopt effective education, monitoring, and enforcement strategies to ensure fair application of tax laws.
Traders are also looking forward to the implementation of a fixed duty system for spare parts, a promise highlighted in the governing party’s manifesto.
GUTA believes this pilot project could eventually be extended to cover all imported commodities, further stabilizing import costs.
Economic stability remains a top priority for the trading community.
GUTA is calling for policies that will ensure the stability of the local currency, reduce inflation and interest rates, and improve key economic indicators.
“A stable economic environment is crucial for business predictability and growth,” Dr Obeng stressed.
Beyond revenue measures, the Association is urging the government to scrutinize and evaluate its expenditures to prevent waste and mismanagement of public funds.
“We pay taxes to see meaningful development. Value for money should be a guiding principle in public spending,” Dr Obeng asserted.
Source: Myjoyonline.com
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NDC lied to Ghanaians – Dr. Bawumia states
Flagbearer hopeful of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has chastised the National Democratic Congress (NDC) for what he describes as lies and empty promises made to Ghanaians ahead of the 2024 elections.
According to him, the NDC convinced voters with promises they had no intention of keeping, including paying cocoa farmers at least GH₵6,000, repealing laws to fight illegal mining, and creating jobs through a 24-hour economy.
He said it was now evident that those promises were only political gimmicks.
He made these remarks after filing his nomination papers to contest the NPP flagbearer slot at the party’s head office in Accra today.
Dr. Bawumia stressed that the NPP had learnt lessons from the 2024 defeat and would put those lessons to good use as the party prepared for the 2028 elections.
He noted that, unlike the NDC, the NPP had a track record of introducing policies that had positively impacted millions of Ghanaians, citing the Ghana Card, Mobile Money Interoperability and Agenda 111 projects.
The former Vice President urged NPP members to stay united and avoid internal attacks, warning that divisions would only weaken the party.
He emphasized that the NPP’s true opponent was the NDC and not its own members.
By: Jacob Aggrey
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Flagbearer hopeful of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has spelt out his vision for Ghana should he be elected President in 2028.
Speaking after filing his nomination papers at the party’s headquarters in Accra, the former Vice President told an enthusiastic crowd of supporters that his ambition was to expand the economy and create opportunities for ordinary Ghanaians.
Dr. Bawumia explained that his presidency would focus on reducing the cost of living, supporting local industries, and introducing a flat tax system to make life easier for businesses and individuals.
He added that a future NPP government under his leadership would prioritize constituency-based development, ensuring that resources directly benefit communities across the country.
The two-term Vice President also highlighted his record in government, pointing to initiatives such as the Ghana Card, Mobile Money Interoperability, the Zipline Drone Delivery service and Agenda 111.
He described these as “rich ideas” that had already transformed lives, saying they showed his capacity to provide practical solutions to Ghana’s challenges.
Dr. Bawumia reassured the party’s grassroots that he would recognize and reward their sacrifices, promising to restore opportunities many had lost.
He further pledged to build a modern, digital economy that would offer equal opportunities to women, youth and vulnerable groups.
According to him, unity within the NPP was essential if the party was to return to power in 2028.
He urged members to avoid internal attacks and instead concentrate on defeating the National Democratic Congress (NDC), which he accused of deceiving Ghanaians with promises it had failed to deliver.
By: Jacob Aggrey
