GUTA warns of more agitations over high taxes; free-fall of cedi
The Ghana Union of Traders Association (GUTA) has warned of more agitations across the country if concerns of traders are not addressed.
This comment comes after traders in the Ashanti Region locked their shops on Monday to protest what they felt were exorbitant taxes imposed on their businesses, as well as the high depreciation of the cedi.
The traders complain that the taxes and weak currency were crippling their businesses as they comply with tax regulations.
The National President of GUTA, Dr. Joseph Obeng, who has been reacting to the development, declared the association’s support to their traders in Kumasi.
“First, we were managing our frustration, but now our frustration has turned into anger and that is what is showing in the business community. This is only the beginning because others are going to follow. If I listen to the agitations of our members, it means that a lot more is going to follow, and it is going to be massive.”
The Ghana cedi has depreciated by 37.5% to the US dollar as of the end of September 2022 according to the Bank of Ghana.
Currently, the dollar is trading at a little over GH¢11 to $1.
The traders are also kicking against a decision by the Ghana Revenue Authority to station their officers at each shop to record Value Added Tax (VAT) on products they sell.
The affected shops are for traders who deal in groceries and are situated at Pampaso and PZ in the Central Business District.
Some of the shop owners who spoke to Citi News want the government to reduce the taxes on businesses.
By: Bervelyn Longdon