President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng, has stated that his expectations were not met during Finance Minister, Ken Ofori Atta’s reading of the midyear budget review.
Speaking on Adom FM’s Dwaso Nsem Show, he said the Finance Ministry held a meeting with stakeholders in the sector to lessen their expectations about the budget review.
“I cannot say my expectations were met because we were pre-empted before the reading that our concerns will not be met. In the last few years, the economy and businesses have struggled.
“Inflation has affected businesses. Inflation has affected the exchange rate because they increase monetary rates. Mismanaging the economy will put pressure on unborn children.
According to him, the structure of the Value Added Tax (VAT) has led to non-compliance, unfairness and inequality in the business sector.
“The structure of the VAT does not ensure compliance, does not bring fairness and parity in the business or trading circles.
“Taxes have become counterproductive. It has made us uncompetitive in the sub-region. The cost of doing business is very high.”
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