Mix expectations from Ghanaians ahead of the reading of the 2022 budget today

Mix expectations from Ghanaians ahead of the reading of the 2022 budget today

Finance Minister, Ken Ofori-Atta is scheduled to present the Budget Statement and Economic Policy of the government for the year 2022 before the legislature today Wednesday, November 17 2021.

In accordance with Article 179 of the 1992 constitution, this is the sixth budget under the Akufo-Addo led administration.

As with every other national budget that has been presented before, Ghanaians wait with bated breath to listen to contents in this year’s budget.

The Ghanaian business communities on the other hand all have what they expect from the budget.

Motorists are calling on the government to scrap some petroleum taxes to curb the constant increment in fuel prices while traders want the government to strategize to curb the unemployment rate in the country.

Disgruntled Menzgold customers also want relief packages for them included in the budget.

Analysts have urged Ghanaians to lower their expectations from the 2022 budget since the Ghanaian economy is broke at the moment.

Mr Joe Jackson of Dalex Finance and Mr Toma Imihere of the Goldstreet Business Newspaper in an interview indicated that the economy is currently in a dire situation and it needs to be addressed urgently.

For Mr Jackson, some factors that accounted for such a situation include the high debt servicing rate and the constant borrowing of the government making it difficult to bring out interventions to aid citizens.

Ghana’s reputation on the bond market is said to not be the best currently and the country needs to restore investor confidence in the economy.

He urged the government to consider domestic options to get enough revenue to finance planned projects to pay its growing debt.

 As part of plans to put Ghana on the path to economic recovery, some new taxes were introduced in the 2021 fiscal year while some existing ones were increased. Some of the taxes increased included the COVID-19 Health Recovery Levy Act, 2021, and Financial Sector Recovery Levy Act, 2021.

Civil Society Organizations are worried about these taxes citing that they could stifle business growth in the country.

Spare Parts Dealers Association also does not want the government to introduce new taxes in the impending 2022 budget. They also want the government to look at reducing exemptions granted to individuals and cooperate entities.

Association of Ghana Industries supports the government move to scrap 50% benchmark value but the Ghana Union  Traders Association wants the government to maintain it.

By: Stella Annan | myactiveonline.com Twitter @activetvgh

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