The Food and Beverages Association will soon publish the number of taxes its members have been paying, saying, the taxes are overburdening their businesses which could force some of them out of business.
According to its Executive Director, Sam Aggrey, Ghana is the only country in West Africa with businesses paying import duty of more than 50%.
Speaking to Joy Business on the impact of the depreciation cedi on operations of members, Mr. Aggrey said the situation is killing local businesses.
“All over the places, the amount of money we are paying for imports alone is so huge. If you look at West Africa zone, Ghana is the only country that is paying duty above 50%. If you put all together we can’t stand it.”
“Government will then have to sit down and look at some of the situations as they were. Otherwise, I’m sorry, most of these businesses will have to close down and wait until such a time that business can really roll back and get into production”.
Mr. Aggrey also said though he’s upbeat about specific strategies targeted at stabilising the cedi, the government must slow down its borrowing to reduce the huge interest payments being serviced
“Now, if you look at government’s own borrowing, and the inflows of bills [treasury] that were bought, interest are being paid and therefore government itself need the dollar so much that businesses cannot compete with government. So we are all going into the same area of borrowing or harnessing these little dollars we have to pay back; whatever government is intending to pay this foreign borrowing and all that”.
“So, if government does not take care and still wants to borrow, these are things that we are going to face. And therefore perhaps maybe what we can do is either we go to the World Bank, the IMF or our creditors to tell them to suspend [our debts] it for a year, so that at least we can spend the little dollars we have within our sector”, he explained.
“Otherwise, we will get the dollars and still government will in turn send it back to these creditors which will not be the best to do”, Mr. Aggrey added.
Latest Stories
-
Photos from DW-JoyNews street debate on ‘galamsey’
44 mins -
Mimmy Yeboah: Blending heritage with global sophistication, confidence redefined through couture
59 mins -
Akufo-Addo commissions 97-km Tema-Mpakadan railway line
1 hour -
Majority requests recall of Parliament
2 hours -
Kanzlsperger and Professor Quartey support WAFA with medical Donation
2 hours -
Gideon Boako donates 10 industrial sewing machines to Yamfo Technical Institute
2 hours -
‘Golden Boy’ Abdul Karim Razak honored at WAFU-B general assembly
2 hours -
Buipewura Jinapor secures Vice Presidential position in National House of Chiefs with record votes
2 hours -
2024 election: I want results to come out like ‘milk and honey’ – Toobu
2 hours -
Ghana’s Henry Bukari hands over chairmanship of ECOWAS Brown Card Council of Bureaux
3 hours -
Residents of Dome-Kwabenya on edge ahead of December elections
3 hours -
Moffy drops new single ‘Wo’, blending culture and modernity
3 hours -
Don’t bring soldiers to polling stations – Martin Kpebu
3 hours -
Ogyeahohuo Yaw Gyebi II retained as President of National House of Chiefs
4 hours -
Embrace ICT to fit in digital world – Ho NYA boss to youth
4 hours