The Ghana Union of Traders’ Associations (GUTA) has expressed cautious optimism ahead of the government’s 2025 Budget Statement, stressing the need for major reforms to lower the cost of doing business.
The Association welcomed commitments from the new administration to simplify the tax system and reduce taxes, duties, and levies, which have long burdened the trading community.
Among GUTA’s key expectations is the elimination of what it calls “nuisance taxes.” The Association believes scrapping redundant taxes will ease financial pressure on businesses, drive growth, and create a more competitive market.
A major priority for GUTA is restructuring the Value Added Tax (VAT) to make it simpler, more affordable, and consistent across sectors. GUTA has proposed that the Bank of Ghana fix the dollar exchange rate used for import duty calculations on a quarterly or bi-annual basis rather than the current weekly or biweekly adjustments.
Additionally, the Association is advocating for unconditional tax amnesty programs to widen the tax base. GUTA believes such initiatives would encourage non-compliant businesses to formalize their tax obligations while allowing those with irregularities to settle their dues without excessive penalties.
Beyond revenue measures, GUTA is urging the government to stabilize the local currency, curb inflation and interest rates, and improve key economic indicators. The Association also emphasizes the need for stricter scrutiny of government spending to prevent waste and mismanagement of public funds.
