The time has come for us to restore and reset our country - Ato Forson
The Minority Leader, Dr. Cassiel Ato Forson has pledged that the next National Democratic Congress (NDC) government will restore Ghana’s economy to its rightful state.
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He criticized the NPP government for imposing numerous tax regimes, which he claims have overburdened Ghanaians and made life increasingly difficult.
The Member of Parliament for Ajumako Enyan Esiam Constituency in the Central Region noted that many Ghanaian businesses have shut down under the NPP administration and promised that the next NDC government will conduct a thorough review of the VAT system.
He was speaking on the highlights of the key policies of the next NDC government as captured in the 2024 Manifesto, he said to achieve our fiscal policy and economic goals, the next NDC government will aggressively pursue a number of policies, including resetting the entire fiscal framework to achieve efficient resource mobilisation and effective utilisation of public funds.
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"We will shift from the over concentration of macro economy to the micro where investment in the real sector will anchor sustainable micro economic growth and economic development," he said.
"We will implement an enduring economic policy to build a sustainable economic buffets to stabilize and cushion the Ghana Cedi. We will undertake a number of reforms. Fist the Value Added Tax (VAT) reforms."
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"Currently, Ghana's effective VAT rate is about 22 per cent, in fact, the highest in Africa. This is because GETFUND Levy of 2.5 per cent, National Health Insurance Levy of another 2 per cent and COVID Levy of 1 per cent are all added to the statutory VAT rate of 15 per cent for the final determination of a Value Added Tax. In fact, some business are unable to cope with this high tax regime and as a result, they are relocating from Ghana to places like Togo, Benin, Cote d'Ivoire and Nigeria," he said.