GUTA warns against new taxes as Finance Minister prepares to present budget

The Ghana Union of Traders Association (GUTA) has urged the government not to introduce new taxes in the 2025 budget, warning that additional levies could worsen the financial burden on businesses.

The Finance Minister is expected to present the budget to Parliament tomorrow, outlining the government’s revenue and expenditure plans for the year.

Ahead of the presentation, GUTA President Dr Joseph Obeng stated that while the association supports widening the tax net, it opposes policies that increase taxes on businesses already struggling with high levies.

“The taxes are to be cut, rationalised, and streamlined. At the same time, we want to improve revenue collection. If new taxes are introduced to bring people outside the tax net to pay, we won’t oppose it,” Dr Obeng said in an interview with Channel One News today March 10 2025.

“What we will be worried about is compounding the taxes on the few of us who already pay,” he added.

His comments come as expectations grow for tax policy changes, with many calling for the removal of levies such as the COVID-19 levy, in line with the government’s campaign promises.

Economist and senior lecturer at the University of Ghana, Professor Godfred Bokpin, also shared his expectations for the budget, stating that he anticipates measures to cut wasteful spending and reform the tax system.

“Given that both political parties have promised to move the economy from taxation to production, I expect to see a clear plan on tax revisions. The COVID-19 levy, for instance, should go, as it was part of the government’s 120-day social contract with Ghanaians,” he said.

Professor Bokpin also called for improved tax compliance and administrative reforms to strengthen revenue collection without placing more strain on businesses.