The Ghana Hoteliers Association president has expressed disappointment over the mid-year budget review, stating that it failed to address the core issues facing the hospitality industry.
Edward Ackah-Nyamike Jnr explained that the Association had a wish list of expectations, hoping that the Finance Minister's presentation in Parliament on Tuesday would tackle key concerns within the sector.
However, these expectations were not met.
“His presentation has come with a mixbag of excitement and disappointment,” Mr Ackah-Nyamike Jnr said on Joy News' PM Express on Tuesday.
Read also: Debt restructuring has been crucial to Ghana’s economic recovery – Finance Minister
“At the macro level, the debt restructuring, expanding the tax net through the invoice system, and plans to upgrade some roads are positive steps.”
He acknowledged signs of stabilisation, noting the upward adjustment of real GDP.
“These are signs that things are stabilising; however, when it comes to the real deal, which is how we face the economy, that is where we have challenges,” he added.
Mr Ackah-Nyamike Jnr highlighted that before the 2024 budget reading, the Association had several meetings with the Ghana Tourism Authority (GTA) regarding the tax burdens faced by the hospitality industry.
“At that meeting, we concluded that the tax regime needed revision, especially due to complaints about high hotel service rates,” he said.
“We proposed consolidating various taxes, including VAT, NHIS, COVID-19 levies, GetFund, and others, to a more manageable level.”
Read also: Ghana’s public debt rises to GH¢742bn – Finance Minister
The GTA assured them that although the information was submitted late, it would be considered in the mid-year budget review.
“We waited patiently since November, hoping our request would be addressed, but it wasn't,” he noted.
Furthermore, he expressed disappointment that the budget review did not address exchange rates and fuel prices, which are crucial to the industry.
“The exchange rates and fuel prices are significantly impacting us, as forex links to electricity tariffs, a major input in our business,” he explained.
“We wanted clear measures from our wish list to deal with inflation, even though it's gone down, we're still not where we want to be,” he concluded.
Latest Stories
-
Voice of America channels fall silent as Trump administration guts agency and cancels contracts
15 minutes -
Cybersecurity awareness initiative equips students with essential digital skills
39 minutes -
Government’s proposed 80% transfer of mineral royalties sparks controversy
48 minutes -
Time to impose strict debt ceiling to curb Ghana’s ever rising debt:– Prof Peter Quartey
5 hours -
Ghana’s Rising Debt: It’s difficult to justify that we borrowed for sustainable development – Prof Peter Quartey
5 hours -
#GPL 2024/25: Hearts stumble in title race as Dreams snatch shock win
6 hours -
Brentford beat Bournemouth for fifth straight away win
6 hours -
Man City drop points at home against Brighton
6 hours -
Mbappe double sparks Madrid comeback win over Villarreal
6 hours -
Capt. Georgina Jopap grabs maiden Nana Konadu Agyeman-Rawlings Legacy Award
6 hours -
Coalition of Anti-Galamsey Executives urges action on galamsey, demands probe into politically linked miners
7 hours -
We can only wish Dampare well and appreciate his services – Felix Kwakye Ofosu
7 hours -
Proper oral hygiene impacts overall well-being – Dr. Louisa Satekla
8 hours -
Ken Ofori-Atta sues OSP for declaring him wanted
8 hours -
CRS donates 20 modified motor-tricycles ambulances to improve emergency healthcare
8 hours