GUTA reacts to 2024 budget

The Ghana Union of Traders Association (GUTA) has expressed dissatisfaction with the 2024 budget statement presented by Finance Minister, Ken Ofori-Atta.

Mr Ofori-Atta on Wednesday announced the government, as part of its fiscal measures, has decided to waive import duties on Electric Vehicles (EVs) designated for public transportation for eight years.

In addition, he said that import duties would also be exempted for semi-knocked down and completely knocked down Electric vehicles brought into the country by registered EV assembly companies for the same 8-year period.

But GUTA said the budget failed to capture policies needed to deal with issues that will reduce the cost of doing business in the country.

The President, Dr Joseph Obeng explained that, when the cost of doing business is low, productivity will increase and the government will be able to collect more of its desired revenue.

He said this on Asempa FM’s Ekosii Sen programme Wednesday, citing the Value Added Tax (VAT) which is one of the key challenges facing domestic traders.

“We called for the removal of the 1.0% COVID-19 levy, special import levy of 2% that has been imposed on us since the previous administration. We also mentioned the VAT and its complex nature which is creating tension between the business community and GRA but it is unfortunate it was not captured,” he bemoaned.

Dr Obeng, however, said GUTA will not lose sight of some of the reliefs which has been granted though it is not what they expected.

Meanwhile, in a move to promote menstrual hygiene and affordability, the Finance Minister said all locally produced sanitary pads would now be zero-rated.