The Ghana Union of Traders Association (GUTA) has asked all customers to prepare for high prices of goods.
Vice President of GUTA Clement Boateng attributed this to high import duties.
Speaking on the Sunrise show with Alfred Ocansey on 3FM Thursday November 24 ahead of the 2023 budget presentation, Mr Boateng revealed that duties have gone up between hundred and two hundred percent.
“Duties have gone up between hundred and two hundred percent. Prices are going to be high,” he stressed.
He added “Customers must brace themselves up for price hikes.”
Regarding the budget presentation, the Dean of the Business School at the University of Cape Coast, Professor John Gatsi said the government must focus on growing the economy with prudent fiscal policies.
An economy that has grown will automatically generate revenue to the government hence the focus should not be on introducing more taxes in the 2023 budget, he said.
Speaking on the Ghana Tonight Show with Alfred Ocansey on TV3 Wednesday November 23 ahead of the budget presentation, Prof Gatsi said “I believe efforts will be directed towards growing the economy rather than taxing the economy. I believe this government has told us that they are moving from taxation to production, you engage in more production, you engage in more growth enhancing efforts that will, in itself, provide more taxes for the state.”
The Ministry of Finance said in a statement released on Wednesday that the 2023 budget statement will feature government’s strategies to restore and stabilize the macro economy, build resilience and promote inclusive growth and value creation.
It will also feature updates on Ghana’s engagement with the International Monetary Fund for a supported programme, year-to-date macro-fiscal performance of the country, the YouStart initiative under the Ghana CARES programme, climate action strategies, fiscal measures and debt management strategies to ensure fiscal and debt sustainability and promote growth.
The Finance Minister Ken Ofori-Atta is expected to present the budget statement in Parliament today, Thursday November 24.
This comes after the New Patriotic Party lawmakers rescinded their decision to boycott the presentation if Mr Ofori-Atta was going to present it.
The Members of Parliament wanted another person other than Mr Ofori-Atta to do so but after an intervention by the NPP leadership, they have agreed to allow him to present the statement.
The economy has been going through struggles with the local currency performing badly against the major trading currencies especially the Dollar.
Inflation rate has increased to 40.4 percent.
The 2023 budget is expected to address these factors and others.
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