Taxes Now Serve as Punishment to Businesses - Mark Badu-Aboagye

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The Ghana Chamber of Commerce and Industry's CEO, Mark Badu-Aboagye, has expressed grave concerns about the growing burden of direct and indirect taxes placed on the country's enterprises. 

During an open discussion on JoyNews' PM Express, Mr. Badu-Aboagye brought attention to the mounting difficulties that businesses are facing in light of rising expenses and financial commitments, especially with regard to tax responsibilities.


Mr. Badu-Aboagye expressed his dismay and emphasized the unsettling consequences of the existing tax structure, describing it as harsh and onerous for companies aiming for expansion and sustainability. 

He underlined, saying, "I believe that rather than helping businesses, our taxes now serve as a punishment to them. This is because they expect you to pay, but we are unable to. They are beating us but they are telling us to keep quiet."


Impact of New Tax Introductions on Business Viability

The CEO emphasized the adverse effects of continuously introducing new taxes, highlighting their deterrent effect on the growth and prosperity of businesses. According to Mr Badu-Aboagye, the introduction of new tax measures has resulted in inhibiting rather than fostering sustainable business expansion and progression.

Related To This: Pre-Budget Survey Reveals E-Levy And Covid-19 Levy As Taxes Killing Businesses

Economic Indicators and Business Health

Mr Badu-Aboagye drew attention to pertinent economic metrics, particularly the country's Gross Domestic Product (GDP), shedding light on the state of businesses within Ghana. He pointed out the worrisome trend in GDP growth, citing negative growth within the industry sector throughout 2023. These indicators serve to highlight the challenges faced by businesses and the broader implications for economic well-being and stability within the country.

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