Dr Cassiel Ato Baah Forson, the Minority Leader, has questioned why a “broke” country like Ghana keeps giving more tax exemptions when it needs money to meet its financial obligations.
He lamented that granting more tax exemptions makes no economic sense for a “broke” country like Ghana, which is struggling to meet its external and internal financial obligations.
He believes that the country, which is in dire financial state, requires every cedi or dollar to save the economy.
At a leadership meeting on Wednesday, February 8, 2023, the Minority Leader, who also serves as the Member of Parliament (MP) for Ajumako-Enyan-Esiam, expressed concern about the number of tax exemptions brought before the House for consideration.
Dr. Forson revealed that in some cases, the finance committee of Parliament has been adamant about approving those exemptions because the country needs every cedi to save the economy.
“Permit me to pay tribute to the committee’s chairman, Mr Kweku Kwarteng. We both agreed on this particular tax policy of tax exemptions. We believe that tax exemptions are becoming excessive, and that in times like these, when the country needs every cedi to save its economy, you cannot continue to grant tax exemptions.
As a result, the finance committee has been very adamant in approving tax exemptions. “We worked with the ministry and led it to get the Tax Exemptions Bill passed, so for the first time as a country, we have a Tax Exemption Regime in place,” the minority leader added.
Dr. Ato Forson believes that it is past time for parliament to put a stop to tax exemptions and raise enough revenue to support the country.
“I believe the time has come for us to put breaks on those tax exemptions and raise enough revenue to support the country.
Every dollar counts in moving the country forward. We still have a lot of work to do. “We believe the time has come to put a stop to those tax breaks and raise enough revenue to support the country,” he said again.