Akufo-Addo's Imposed Tax Policies Will Make The Next President Suffer - Franklin Cudjoe

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The president of IMANI Africa, Franklin Cudjoe, has conveyed his condolences to the future president of Ghana on the imposition of taxes by the Akufo-Addo administration. 

Cudjoe expressed concern that the plethora of tax laws in existence would leave the incoming president with little room in the budget to raise money for the nation's needs.

Cudjoe stressed the value of sound financial management in an interview with Citi TV on Saturday, January 13, in order to overcome the obstacles presented by various tax laws.

READ ALSO: Minority Opposes Government's Tax Exemptions For 45 Companies

Cudjoe declared, "It's crucial that we approach this economy with extreme caution. I feel sorry for the incoming president of this nation because it means they will have to deal with the absurdity of taxation and have very little margin for error."

His comments are in response to the Value Added Tax (VAT), which was recently introduced and went into force on January 1st, on household electricity consumption. Cudjoe believes that further taxes may be imposed, given the government's stated need for increased revenue.

The imposition of the Value Added Tax on some categories of residential electricity consumers has sparked calls for its reversal from the Minority and energy experts. 

READ ALSO: Pre-Budget Survey Reveals E-Levy And Covid-19 Levy As Taxes Killing Businesses

In a letter communicating the Finance Ministry's policy to the Public Utility Regulatory Commission, Finance Minister Ken Ofori Atta stated that any electricity consumption above lifeline units would attract the value-added levy.

The ministry explained that the move is part of the government’s Covid-19 recovery program.

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