Review unfriendly taxes suffocating private sector growth – Ghana CEO Network to government

Some Chief Executive Officers of businesses in the country are calling on the government to use the mid-year budget to review some of the tax revenue measures introduced in the 2023 budget.

They argued that most of the new taxes introduced in the budget are inimical to private sector growth.

Speaking at the 7th Ghana CEO Summit and Exhibition, Country Managing Partner of Deloitte Ghana, Daniel Owusu, said, reviewing recurrent expenditure and re-allocating resources to industry and agriculture sectors are key to driving growth and job creation.

“With the International Monetary Fund (IMF) programme now on board, government should use the mid-year budget to review some of the revenue measures introduced in the 2023 budget including some of the new taxes that have the potential to adversely affect the productive sectors of the economy”.

Businesses overburdened with taxes – Mahama

Delivering the keynote address, former President John Mahama, said despite Ghana securing a deal from the IMF, business players are already burdened with exorbitant taxes, which he says is affecting their operations.

According to him, his outfit will work closely with the private sector towards economic recovery when he becomes the next President in December 2024.

“By working together, we can leverage our collective knowledge, resources and experiences to implement comprehensive policies and initiatives that drive sustainable development growth, create jobs and improve the standard of living for all Ghanaians. We can foster innovation and create an economy that is resilient inclusive and globally competitive”. 

He promised to rollout a 5G revolution and Artificial Intelligence to fully unlock the potential of digitalisation.

According to him, his government will invest and leverage on digital infrastructure to expand and enhance productivity in the various sectors of the economy.

Meanwhile, Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo, at the International Finance Corporation, Kyle Kelhofer, says the $3 billion IMF loan would help strengthen Ghana’s economic recovery.

“Post-IMF, there are increased opportunities for Ghana and Ghanaian businesses with this increased stability, resilience, competitiveness and economic independence”.

Value proposition

The summit adopted a dynamic approach to deliver value to its stakeholders. There was CEO panel discussions, plenaries, business cases, masterclasses and experts insights with Cohort of Speakers Panelists and Experts.

The dialogue with the Special Guest of Honour, former President John Mahama, looked into important policy issues ranging from resetting of the economic development agenda, public sector leadership, Business Regulatory Reforms, Social inclusion to digital economy agenda of government.

The 7th Ghana CEO Summit and Expo was on the theme “Sovereignty, Sustainable Corporate Governance and Digital Industrial Transformation: New Paths for Growth and Prosperity. A Private-Public Sector CEO Dialogue & Learning”.

It brought together stakeholders including the CEO Network of Ghana, to restore Ghana’s economy and strive to achieve sustainable economic sovereignty.

The summit offered concrete, innovative and actionable solutions, championed private sector growth, led discussions around game-changing public policies, and advocated for best growth-oriented practices to help the country move forward, build resilient companies and develop outstanding CEOs.

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