Business News of Wednesday, 2 February 2022
Source: www.ghanaweb.live
2022-02-02E-Levy: Government determined to find ways of sustaining economy - Akufo-Addo
President Nana Addo Dankwa Akufo-Addo
Parliament engages stakeholders on E-Levy
Minority, citizens oppose E-Levy
E-Levy to shore up revenue, create jobs - Finance Minister
President Nana Addo Dankwa Akufo-Addo has expressed his administration’s resolve to find ways of addressing revenue gaps in government's 2022 budget.
According to him, government as a result
Read full articleof the coronavirus pandemic has had to undertake a number of unplanned expenditures to sustain the Ghanaian economy.
Addressing traditional leaders from Dzodze in the Volta region on Tuesday, February 1, President Akufo-Addo said the introduction of tax measures has become necessary to keep the economy afloat despite stiff opposition.
“Revenues during 2020/2021 went down considerably because of the slowing down of the economic activities that came from the COVID. At the same time, government, in order to keep the country going, did some expenditures – the free water, the free electricity were the unavoidable expenses that government had to make,” President Akufo Addo is quoted by Joy Business.
“These are the efforts that we are now making which are being resisted by the opposition and that is the reason it has become necessary for us to use these measures like this famous tax which has caused so much unnecessary disputation; but nevertheless, we would continue.”
“I am determined to persevere to make sure that we find the means to address some of the issues,” the President expressed.
Meanwhile, government has revealed its plan to amend the rate of the E-Levy from 1.75 percent to 1.5 percent.
Despite this, the Minority Caucus of Parliament have rejected the amendment citing the tax measure in its entirety will be detrimental to jobs, businesses and digital/financial inclusion efforts.
Finance Minister, Ken Ofori-Atta announced the introduction of E-Levy during the 2022 budget statement in November last year.
The tax measure has since its announcement, received widespread backlash from lawmakers and a cross-section of the well-meaning public who are opposed to the E-Levy.
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