The Ghana Union of Traders' Association (GUTA) has raised concerns about the impact of duties at the country's ports on exchange rates, leading to inflation. The Union highlighted that when the exchange rate increases, it affects the prices of goods.
Speaking at a training session for Small and Medium-sized Enterprises (SMEs) organized by Access Bank in collaboration with Deloitte Ghana, GUTA called on the government to remove certain taxes such as the COVID-19 and Special Import Levies, which are negatively affecting businesses.
According to the Ghanaian Times, Anthony Oppong, the Ashanti Regional Chairman of GUTA, expressed worry about the declining state of businesses, with many on the brink of collapse.
The training, attended by around 500 SMEs and themed "SME Financial Empowerment: An Imperative for Business Resilience," covered topics such as record-keeping, business growth, and tax obligations in Ghana's corporate governance.
Mr. Oppong reiterated the need for the government to abolish the COVID-19 and Special Import levies, as many businesses are struggling financially and at risk due to high exchange rates.
Thompson Apam, the Ashanti Regional Manager of the Association of Ghana Industries, emphasized the importance of tax education, especially regarding withholding tax, as many, including SMEs, lack understanding of this concept. He also called for action to address the issue of multiple taxes, which is gradually causing businesses to collapse.
In a statement delivered on his behalf, Simon Osei Mensah, the Ashanti Regional Minister, acknowledged the economic challenges since 2020 due to the coronavirus pandemic.
He assured that the government is working to support SMEs to operate effectively and contribute significantly to the economy, noting that SMEs are crucial for economic growth, job creation, and poverty reduction.
The Minister praised Access Bank for the training, recognizing the importance of empowering SMEs financially, as they account for over 50% of the private sector output.
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Ghana Union of Traders' Association (GUTA)