Finance Minister presents 2022 Budget today

Finance Minister, Ken Ofori-Atta will today November 17, 2021, present to parliament government’s Budget Statement and Economic Policy for the year 2022.

This is in accordance with Article 179 of the 1992 constitution.

Economic analysts say the economy is in a dire state, for which urgent steps ought to be taken to inject capital to sustain it.

Ahead of the Budget presentation, the business community and other stakeholders in the past weeks presented their views on their expectations with the Budget.

Taxes introduced in 2021

Some new taxes were introduced in the 2021 fiscal year, while some already existing ones were adjusted upwards as part of plans towards the economic recovery of the country.

The government, as part of its efforts to revive the economy, introduced the COVID-19 Health Recovery Levy Act, 2021, Financial Sector Recovery Levy Act, 2021 among others.

It’s unclear whether such taxes would be cleared in the 2022 Budget, however analysts have asked the business community to lower their expectations in the Budget.

Reversing 50% bench mark value

Meanwhile, Ghana Union of Traders Association (GUTA) has warned any reversal of the 50 percent benchmark policy will bring untold hardship on Ghanaian traders.

The Association of Ghana Industries (AGI) and Ghana Union of Traders Association (GUTA) are in a banter over the proposed review of the 50% benchmark policy for some imported products.

Even though Ghana Revenue Authority (GRA) is yet to receive policy approval for the review of the benchmark, AGI says it hopes the review is approved because it will help local industries.

The Ghana Revenue Authority (GRA) in a letter forwarded to the Finance Minister, Ken Ofori Atta and signed by the Commissioner-General, Rev. Ammishaddai Owusu-Amoah captured the move for the reversal of the 50% Benchmark Policy at the ports.

Some of the items that will be affected include sugar, noodles, palm oil, roofing sheets, toilet paper, facial tissue and towel, chocolates, Portland cement, clinker and mosquito coil.