Ahead of the highly anticipated 2025 Budget presentation in Parliament, the Ghana Union of Traders Associations (GUTA) is expectant of policies that will improve the business environment of the country.
GUTA has a full bucket wishlist that they expect to be captured in the 2025 Budget Statement and the Economic Policies for the fiscal year.
The trader group says it welcomes the government’s assurance to reduce the cost of doing business in the country but hopes that the promise does not become mere rhetoric. They are therefore demanding decisive actions that will eliminate nuisance taxes, simplify VAT and introduce a fixed-duty tax system for spare parts.
In all GUTA, has eight (8) expectations that it wants the Minister of Finance, Dr. Cassiel Ato Forson to capture in the government’s budget.
Top on GUTA’s priority list is the total scrapping of taxes they deem excessive and business-stifling. Traders argue that the sheer volume of nuisance taxes, levies, and duties is choking businesses and must be drastically pruned.
Additionally, GUTA insists that VAT should undergo major restructuring to make it simpler, more uniform, and less burdensome. The association is also pushing for a significant policy shift for a quarterly or bi-annual pegging of duty payments to the Bank of Ghana dollar rate to end the volatility that disrupts trading.
In what appears to be a call for reconciliation between businesses and the Ghana Revenue Authority (GRA), GUTA has urged the government to roll out an unconditional tax amnesty program. This, they believe, will encourage businesses with irregular tax records to come clean without fear of penalties, while broadening the tax net to include previously non-compliant enterprises.
The Union is also advocating for prudent government spending, emphasizing the need for transparency and value for money in public expenditure. “Every pesewa collected must be accounted for,” GUTA said in a statement, warning against financial waste and mismanagement that often erodes business confidence.
The association also stressed the need for bold monetary policies to stabilize the cedi, curb inflation, and lower interest rates, arguing that such measures would provide much-needed relief to traders and the general business community.
With about 15 days to the presentation of the 2025 Budget to Parliament, it is apparent that GUTA will be keenly expectant. Will this administration meet GUTA’s expectations and deliver a truly business-friendly budget? Only March 11, 2025, has the answers.
