The Importers and Exporters Association of Ghana has hailed the 2025 budget as a significant relief to the business community, particularly importers, following key tax cuts announced by the Minister for Finance.
The Association says the decision by the government to scrap some taxes, including the COVID-19 levy, will ease financial burden on businesses and allow them to reinvest in operations, transportation, and wages.
In an interview, the Executive Secretary of the Association, Samson Asaki Awingobit, bemoaned the detrimental impact of the COVID-19 levy alone on importers. The huge tax burden, Awingobit says, significantly increased operational costs, diminishing their profit margins.
“I will say that this budget has really come to relieve the business community, because if you see an importer, one importer, the Covid levy alone sometimes bringing up to 20,000 and above. That could help the importer to even transport his goods to his warehouse, even pay labourers to discharge, and even keep some amount of money to even pay his workers at the end of the month. And so, it is a very huge relief to the business community,” Samson Awingobit said.
Aside from the removal of the COVID-19 levy, he further welcomed the VAT reforms which will seek to address the decoupling of the GetFund and NHIL levies as another business-smart move.
Awingobit says there have been a lot of miscalculations in the determination of import duties at the ports and hence he is convinced that this budget will address these challenges and bring respite to businesses.
He further lauded the human approach to solicit the views of ordinary Ghanaians used by the Minister for Finance and his deputy prior to the budget presentation. The Executive Secretary of the Importers and Exporters Association is convinced that the interaction the minister had with market women, the youth, and other relevant stakeholders played a key role in the budget meeting the expectations of the business community.
“Before the statement that he made today, he and his incoming deputy minister, they all went to the market, and then interacted with the market movement.. That, I’m sure, constituted an informed decision in the way and manner in which he packaged the budget presentation made today,” he further emphasized.
Already the GUTA has welcomed the removal of some taxes announced in the budget and is patiently waiting for the VAT reforms to ascertain the true impact on their businesses.
The business community is now keenly awaiting the full implementation of these policies, with many hopeful that the government will maintain its commitment to easing business operations in the country.
For importers and traders, this budget represents a turning point towards financial relief and sustainable growth.
