News
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
Hot!
Manhyia would serve as Ghana’s unifying force …Otumfuo assures on commemoration of 27 years on the Golden Stool
The Asantehene, Otumfuo Osei Tutu II, last Friday celebrated his 27th enstoolment with a colourful and culture-rich ceremony at the Manhyia Palace in Kumasi, drawing a distinguished gathering of dignitaries from across Ghana and beyond.
Clad in splendid kente and adorned in rich traditional regalia, the dignitaries added colour and elegance to the occasion, as the palace grounds came alive with a vibrant display of Ghanaian culture.
Traditional drumming, dancing and symbolic rites underscored the deep-rooted heritage of the Ashanti Kingdom, captivating guests and reaffirming the value of tradition in modern society.
Speaking at a high-level Executive Gala organised by the Diaspora Affairs Office of the Office of the President in strategic partnership with the E ON 3 Group, the ‘World-Meets-in-Ghana’ gala, the Asantehene urged Ghanaians to guard against the divisive tendencies of partisan politics.
The event was to honour the Asantehene’s nearly three-decade reign under the theme ‘Advancing Peace and Sustainable Economic Development through Royal Vision’.
Otumfuo Osei Tutu II noted that such attitudes threatened the country’s long-standing values of unity, civility and brotherliness.
He assured that Manhyia would continue to serve as a unifying force for the nation.
The celebration also featured the presentation of commemorative gold coins to notable national leaders, including the President, John Dramani Mahama, former Presidents John Agyekum Kufuor and Nana Addo Dankwa Akufo-Addo as well as Dr Mahamudu Bawumia, a former Vice President in recognition of their contributions to peace and national development.
By Spectator Reporter
The Ministry of Gender, Children and Social Protection has appealed to regional Queenmothers Association to support efforts to achieve 30 per cent women’s representation in leadership by the close of 2026, noting that women remain significantly underrepresented in elected positions.
The ministry said queenmothers had a critical role to play in identifying, mentoring and grooming the next generation of women leaders.
Speaking at an engagement with regional paramount queenmothers, Dr Agnes Naa Momo Lartey, Minister for Gender, Children and Social Protection and Member of Parliament (MP) of the Krowor Constituency, in the Greater Accra Region, said the ministry required active collaboration from queenmothers to encourage more women to contest elections.
Dr Lartey noted that negative stereotyping and the persistent association of female politicians with promiscuity continued to discourage many competent women from seeking leadership roles.
“The attacks, insults and shaming push many capable women out of the race before they even start,” she mentioned.
She urged queenmothers to provide direct support to young women in their communities who aspire leadership positions.
According to her, such support should include mentoring, coaching and guiding women through the processes of declaring interest, campaigning and navigating political party structures.
Dr Lartey encouraged women to remain persistent in pursuing leadership opportunities despite setbacks.
“Leadership is not always won on the first try. They should not give up if they do not succeed at first,” She added.
Responding on behalf of the association, Nana Otubea II, President of the All Regional QueenMothers Association and Paramount Queenmother of the Nkonya Traditional Council, described the call as laudable and pledged the association’s support towards achieving the 30 per cent target.
She commended Dr Lartey and the ministry for their efforts in advancing the welfare and empowerment of women.
Nana Otubea II also praised Parliament for passing the Affirmative Action (Gender Equity) Act, 2024, describing it as a landmark legislation that would deepen Ghana’s democratic governance architecture.
She said the law would help improve female representation in leadership by mandating progressive targets and promoting gender parity in public life and decision-making.
Nana Otubea II urged that the full implementation of the Affirmative Action Act should include the integration of queenmothers into the National House of Chiefs, describing their exclusion as inconsistent with the principles of equity and inclusion.
She further stated that queenmothers play central roles in dispute resolution, chief nomination, community development and women’s mobilisation, yet are sidelined when national chieftaincy policies are formulated.
She called for legal and administrative reforms to permit the election of paramount queenmothers to the National House of Chiefs, suggesting that at least one queenmother from each region be represented. – GNA
