General News

Finance Minister presents 2022 budget today

Finance Minister, Ken Ofori-Atta will today Wednesday November 17,2021 present the 2022 Budget Statement and Economic Policy of Government in Parliament.

The budget is expected to focus on reducing unemployment and expanding on recovery methods from COVID-19.

A statement ahead of the budget presentation by the Finance Ministry said;

”The Budget will primarily focus on expanding on the economy’s recovery from the COVID-19 pandemic, as well as creating a climate-friendly entrepreneurial state to address unemployment and import substitution.

Digitalization of the economy, skills development and entrepreneurship will also feature prominently in the presentation”.

Meanwhile, the Ghana Union of Traders Association (GUTA) has warned any reversal of the 50 percent bench mark policy will bring untold hardship on Ghanaian traders.

The Association of Ghana Industries (AGI) and Ghana Union of Traders Association (GUTA) are in a banter over the proposed review of the 50% bench mark for some imported products.

Even though Ghana Revenue Authority (GRA) is yet to receive policy approval for the review of the benchmark, AGI says it hopes the review is approved because it will help local industries.

However, speaking on Starr Today, Tuesday, 16th November, 2021, President for GUTA, Dr. Joseph Obeng stated that they have petitioned the Council of State on the move and have spelt out its attendant consequences the Ghanaian trade would face.

“AGI members pay VAT and the government refunds it to them but the government doesn’t refund it to us. Most of these demands are coming from AGI which is wrong. They do not have shops. We sell their produce for them. Almost all the things that they are saying are not true because with what they are saying, the issue is rather dicey.

“We don’t know as of now whether it has been endorsed. That’s why we held a press conference because we don’t want it to come since it will break the back of businesses. The cost of doing business at the ports keeps increasing. New taxes were brought in and we supported the government because we knew the government had suffered from COVID-19,” he disclosed.

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Source: Starrfm.com.gh

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