According to him, taxation does not help to effectively grow an economy. He said that increasing taxes is a policy that only puts the economy in a cyclical run since it does not encourage the growth of businesses.
Dr. Bawumia assured that his government will ensure that Ghana moves from taxation to production.
He said: “These taxes are hurting and therefore you are not going to get the growth and when you don’t get the growth you will not get the revenue, and when you don’t get the revenue, you go back to increasing taxes to get the revenue then you are in a cyclical downward spiral and they have it wrong we will change that particular policy we will souse the tax incentives to grow the economy.”
However, in recent times Ghanaians has had to pay more taxes. Some of these taxes include the Value Added Tax which has been increased to 15% from 12.5%, the Covid levy, NHIL, betting tax, electronic transfer levy, taxes on businesses on Facebook, and taxes on music subscriptions among others.
Recently the government increased excise duty taxes on beverages as well.
Ghanaians continually lament the high cost of living they have had to endure under the President Akufo-Addo and Bawumia-led government.
SSD/NOQ
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Vice President Dr. Mahamudu Bawumia