Hon. Alan, Kwadwo, Kyerematen, Founder and Leader of Movement for Change says, he is going to scrap all nuisance taxes imposed on Ghanaians when voted to become the President of Ghana in the coming 2024 general elections.
He made this assurance during a fruitful interactions with the Ghana Union of Traders Association (GUTA) held in Accra.
Among the nuisance taxes Hon. Kyerematen indicated to abolish include, the Special Import Levy of 2%, abolish COVID-19 Health Recovery Levy, abolish the Ghana Health Service Disinfection Fee, abolish all taxes and other charges on the importation of spare parts within two years of the establishment of the Government of National Unity.
Hon. Kyerematen further assured to consolidate the existing NHIL & GETFund levies into the calculation of a new VAT rate.
Also, review and consolidate all statutory fees and charges on import imposed by regulatory agencies under a new Cash Water for all mechanism, designed to reduce the burden on importers.
Undertake a comprehensive assessment of the relevance of all other administrative fees, service charges, and levies imposed at the ports.
Mr. Kyeremanten also hinted of establishing a fixed exchange rate for the calculation of import duties over a specified period, in order to reduce the high level of imported infration in the economy.
Recalibrate the existing tax regime structure to optimize revenue mobilization from direct taxes (personal and corporate), and reduce overreliance on indirect taxes (import duties, levies, and charges) to make the corporate sector more competitive and profitable.
Introduce new taxes for imported high-end luxury consumer goods.
Introduce a special incentive program for Ghanaians living abroad, by abolishing the auction of vehicles imported into the country and provide flexible terms for payment of imported duty charged on vehicles and personal effects.
“ I will establish a Free Port Enclave to enhance vessel traffic at the Tema port wihich would reduce the cost of shipping services, fix the Bank of Ghana policy rate at levels that would bring lending rates down to single digit in order to enhance the competitiveness of the Private Sector.
Reintroduce the secondar yeaer @ requirement for banks and ensure that a porton is invested in the short dated papers (91-day and 182day) at a BoG predetermined low rate.
He said this would immediately release relatively cheap funds to the Government, which will automatically lower the rate at which banks lend to the private sector.
Maintain strict compliance of fiscal discipline to reduce Government borrowing. Limited state par tcipation in the market would improve liquidity circulation for private sector financing at reasonable rates which will push interest rates down.
