Chief Executive, Association of Ghana Industries (AGI), Seth Twum-Akwaboah says Ghanaian Industries operators expect a budget that will make way for employment opportunities.
This, according to him, is because the outbreak of the novel coronavirus has left many businesses in despair with its effect on employment in the country currently.
His comment comes ahead of the country’s budget hearing for 2021 Friday as many anticipate an increase in taxes.
“We are expecting a good, a good budget that will be very inclusive, a good budget that will help create the jobs that we need,” he said.
Sharing his expectation of budget on the Business Edition of PM: Express Thursday, Mr Twum Akwaboah said “as an industry, we believe that the best way to create a sustainable job is to support industrial development.”
He noted that although there is a need for revenue mobilisation to enable smooth developmental plans and projects, tactical strategies must be adapted as industries have not fully recovered from the pandemic.
“I think that we may have to be a bit careful because we have just come out of a pandemic, we are still even in it.
“Last year, we all know how businesses, industries suffered because of the pandemic, so we are actually under terrible pressure as businesses and industries.”
The AGI boss is optimistic should the budget be flexible, it will alleviate many industries and businesses as players would equally want to see some reliefs to get businesses stimulated and help create employment.
“So if you come up with new taxes, we would want to see the form it will take but generally speaking, one would have to be very careful in coming up with taxes that takes away the resources of businesses to the government chest, and rather prevent them from investing and expanding their businesses, and stimulating the economy and employing people.”
Mr Twum Akwaboah is therefore skeptical of businesses readiness for a new tax but commended the government for future plan to address the issue.
“If you ask me if we are ready for new taxes, I would say it depends on the nature of the taxes. We are also very much aware that the government through the National ID system is trying to introduce new ways of expanding the tax net which we believe is the right way to go,” he said.
He explained such a move will help limit the creation or increment of new taxes as it will “ensure that everybody pays his quota, in that case, you can still raise adequate revenue to support your development projects instead of increasing taxes.”
He further noted that: “It is a very daisy issue because if you don’t handle it well, it’s going to stifle the economic development of the businesses and that will affect the economy as a whole.”
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