2025 Budget: GUTA Hails Tax Cuts as Boost to Economy

Accra, Ghana - 12 March, 2025 - Ghana's traders association has praised the government's decision to abolish several taxes in the 2025 budget.

The move, announced by the Finance Minister, Dr. Cassiel Ato Forson, during the 2025 budget presentation in parliament on Tuesday March 11, 2025, includes the removal of the Covid-19 levy, Emission Tax, Betting Tax, and E-Levy.

According to Dr. Joseph Obeng, President of the Ghana Union of Traders Association (GUTA), the tax cuts are a positive step towards supporting businesses and Ghanaians.

"The government has shown good intentions already, and it is welcome news for us. The fact that some taxes have been removed off the table, and yet no new taxes are added to the tax burden that we have here,'' Dr. Obeng stated in an interview on Joy FM's 'Newsnight' show on March 11.

"The government has shown good intentions by removing some taxes without introducing new ones," he noted.

However, Dr. Obeng emphasized the need for further reforms, particularly in the area of Value Added Tax (VAT). He expressed hope that the government's promised VAT reforms would bring positive changes to businesses.

"What we are waiting for now is the VAT reforms. That one is very important for us because that will show the real impact when it comes to duty payment and other trading activities that we do. So we are waiting for that," he stated.

The tax cuts are seen as a boost to Ghana's economy, which has been facing challenges in recent years. The government's decision to abolish the taxes is expected to increase consumer spending and stimulate economic growth.

Source: Lead News Online