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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
About 200 company secretaries, governance professionals and institutional leaders will gather in Accra for the ‘Company Secretaries Summit’ next month.
It is aimed at strengthening governance practices and enhance boardroom effectiveness across the country.
The summit, which is scheduled for July 16 at the Labadi Beach Hotel seeks to equip governance professionals with the knowledge, skills, and networks required to navigate the increasingly complex demands of modern corporate leadership.
It will feature keynote presentations, panel discussions, and interactive sessions focusing on emerging governance trends, boardroom dynamics, regulatory compliance, digital transformation, and stakeholder expectations.
According to the convener, Catherine Engmann, the summit comes at a critical time when governance professionals are under growing pressure to support sound decision-making, strengthen governance culture, and respond effectively to changing institutional and regulatory environments.
“This gathering is not just another conference. It is a platform for governance leaders who are already operating at the highest level and intend to stay there,” she said.
She noted that the programme was designed to provide participants with practical tools, fresh insights, and valuable professional connections.
According to Ms Engmann, a major highlight of the event will be the awards ceremony, which will recognise individuals and organisations that have demonstrated excellence in governance practice and made significant contributions to improving board effectiveness and corporate accountability.
She mentioned that the summit will also offer participants an opportunity to benchmark their practices against industry standards, exchange ideas with peers, and explore innovative approaches to governance challenges.
Beyond the formal sessions, the event is expected to foster networking and collaboration among governance professionals, helping to strengthen governance practices across Ghana’s corporate and institutional landscape.
Speaking about the vision behind the initiative, Ms Engmann, said the summit was inspired by the need to create a dedicated platform that recognises the critical role played by company secretaries and governance professionals.
According to her, the Company Secretaries’ Summit and Awards reflects her conviction that Ghana’s governance professionals deserve an annual platform where they can engage in meaningful discussions, build strategic relationships, and receive recognition for their contributions to effective governance.
Registration for the summit, she said was currently open, with interested professionals encouraged to secure their participation ahead of the event.
By Esinam Jemima Kuatsinu
-1 cup dried soya beans
-4–5 cups for water (for blending)
-Extra water for soaking
-Sugar, honey or dates (optional, for sweetness)
-Vanilla extract (optional)
Preparation
-Pick through the beans to remove stones or damaged seeds and rinse thoroughly
-Place them in a large bowl and cover with plenty of water. Soak for at least eight hours or overnight to soften it to blend easier
– After soaking, rub the beans with your hands as the skin begins to remove
– Removing the skins helps reduce the ‘beany’ taste and improves texture
– Put the soaked beans into a blender with 4–5 cups of clean water
-Blend until smooth and milky. (You may need to do this in batches depending on your blender size).
– Using a clean muslin cloth or fine sieve, strain the blended mixture into a pot. (Squeeze well to extract as much liquid as possible).
-The leftover pulp is called okara. Don’t throw it away — it can be used in baking, porridge, or even added to stews.
– Place the strained milk on medium heat and make it boil. Stir continuously to prevent burning or overflowing.
– Allow it to boil for at least 20–25 minutes. Proper boiling removes the raw taste and neutralises natural compounds that can upset the stomach.
-Once boiled a little sugar or honey. Pulse.gh
Health benefits of Soya beans
