By Isaac Arkoh, GNA
Cape Coast, Nov. 13, GNA – Mr Paul Kofi McCarthy, Central Regional Chairman of the Ghana Union of Traders Association (GUTA), has commended the government for not introducing new taxes in the 2027 Budget Statement and Economic Policy presented to Parliament by Dr Cassiel Ato Forson, Finance Minister.
Presenting the budget on Thursday, Dr Forson said: “This 2027 Budget will not introduce any new tax. Our task is to collect what is lawfully due, close the leakages and make the revenue system work better.”
Mr McCarthy in reaction to the Budget Statement told the Ghana News Agency the decision to avoid new taxes had broken the norm from many budget presentations, where governments often announced fresh levies to raise revenue.
By retaining the existing tax structure, he said the government had given households and businesses greater certainty and avoided adding immediate costs to goods, services and trading operations.
The effect, he said was that traders, manufacturers and small businesses could plan with more confidence, while consumers may be spared additional price pressures that new taxes often created.
He said it also signalled a shift towards improving tax administration and closing revenue leakages rather than expanding the tax burden.
Mr McCarthy also commended the government for establishing an Artificial Intelligence (AI) Centre to support businesses as deployed at the Tema habour to help enterprises improve efficiency, access to digital tools, analyse market information and modernise their operations.
He said the AI Centre is important because it could enable businesses, particularly small and medium-size enterprises to adopt technology that improved productivity, customer service, record-keeping and competitiveness.
Mr McCarthy, however, lamented the impact of high clearing charges at the Tema Harbour, saying the cost burden affected business operations and reduced the competitiveness of imported goods.
He explained that high charges at the port had pushed up the final prices of products, thereby affecting traders and consumers disposable income.
He called for the charges at the Tema Harbour to be reduced, arguing that lower clearing costs would ease the financial pressure on importers and traders.
“Reduced charges could help businesses preserve profit margins, maintain affordable prices and support commercial activity,” he explained.
Mr McCarthy also commended the government for its commitment to establishing the Women’s Development Bank, describing it as an important intervention for women in business.
He said the bank is expected to improve access to affordable finance, business support and opportunities for women entrepreneurs, including market traders and small business owners.
The initiative, would empower GUTA women economically, expand their participation in trade and contribute to job creation and household income growth.
Despite the positive measures, he expressed concern about the high interest rates charged by banks, which continued to make credit expensive for many GUTA businesses.
He noted that GUTA members, many of whom operated in the informal sector dominated by small and medium-size enterprises, often struggle to access affordable loans to expand their businesses.
Therefore, he urged the government to work assiduously to reduce the high lending rates that discourages investment, limit business growth and make it difficult for traders to restock, employ workers or respond to market opportunities.
Some traders at Kotokoraba market the GNA interacted with welcomed the 2027 Budget Statement’s promise of economic stability but said it must translate into lower costs, stronger customer purchasing power, and practical support for small businesses.
They called for improved market infrastructure, storage facilities, affordable credit, and measures to reduce transport, utility, and import costs that continue to squeeze their profits.
GNA
Edited by Alice Tettey / Christopher Arko /Kenneth Odeng Adade
Reporter: Isaac Arkoh
Email: [email protected]