The public is being warned by the Ghana National Chamber of Commerce and Industry (GNCCI) about additional price rises that would take place soon for goods and services.
The chamber claims that this is a result of President Akufo-Addo enacting three new tax laws.
It asserts that "these levies will require firms to pass the expense on to customers in the form of higher prices. As a result, we should prepare for a rise in the cost of products and services.
"Businesses aren't even turning a profit, therefore they can't pay the taxes. Consider the excise charge as an example. Businesses will be forced to pass the costs onto consumers.
"If the Growth and Sustainability Levy is taken into account, the businesses are not earning a profit, yet you want to tax 5% of it. Therefore, we are stating that we do not want firms to fail. GNCCI CEO Mark Badu-Aboagye revealed on April 17 that.
Again, Mr. Badu-Aboagye claimed that the International Monetary Fund would not be pleased to see businesses fail because too much money would be required to revive the afflicted companies.
"I don't think the IMF will be happy to see our businesses collapse because the money we will spend reviving the businesses and getting them back to a profitable level will be more than the $3 billion that we are looking for," the business owner said.
He came to the conclusion that businesses anticipate taxes that will bring in money for the government and guarantee their ability to run financially and effectively.
According to the Ghana Statistical Service, any increase in the cost of goods and services will negate gains made with a notable drop in inflation for March, which was estimated at 45%.