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Professor Peter Quartey, Director of the Institute of Statistical, Social and Economic Research (ISSER), has strongly advised the government against the introduction of new taxes in the upcoming Mid-Year Budget Review.
He stressed that such measures could severely impede the growth of the private sector, which is already struggling under current economic conditions.
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With the Finance Minister set to present the Mid-Year Budget later this month, Prof. Quartey voiced his opposition to new taxes, arguing that private enterprises are grappling with significant challenges due to ongoing economic difficulties and stringent policies from the International Monetary Fund (IMF) program, including debt restructuring initiatives.
“We do not want to see new taxes. It is certainly going to kill the private sector. Looking at the government’s own programmes and policies, bringing new taxes will kill the private sector,” Prof. Quartey warned during an interview with Joy Business.
Instead, he advocated for the removal of some existing taxes to alleviate the burden on businesses. He suggested that the government could improve revenue collection by better coordinating and implementing the existing tax framework. “Government must heed to the call not to introduce higher taxes but design measures to make the existing levies work,” he proposed.
Prof. Quartey also referenced innovative policy ideas proposed by Vice President Dr. Mahamudu Bawumia, urging their incorporation into the Mid-Year Budget Review to provide much-needed relief to businesses. “We have seen some statements from the Vice President and the flagbearer of the New Patriotic Party (NPP).
I believe they can work in the budget,” he noted. He further argued that these forward-thinking policies should not be reserved merely for campaign promises to be implemented post-2024 elections but should be integrated into the current economic strategy to foster growth and stability.
