2022 Budget: Statement: Old taxes will be efficiently applied – Oppong Nkrumah

2022 Budget: Statement: Old taxes will be efficiently applied – Oppong Nkrumah

Information Minister, Kojo Oppong Nkrumah says the 2022 Budget will witness the chunk of the financial resources being devoted to the productive sectors of the economy to consolidate the gains made.

He said the Government would apply old taxes efficiently and substitute old taxes with new ones to sustain the economy.

He said the Budget would also devote resources towards supporting young entrepreneurs, agriculture, and industries.

Speaking in a media interview ahead of the presentation of the 2022 Budget to Parliament, Mr Oppong Nkrumah said the COVID-19 pandemic had affected global economies, which Ghana was not an exception.

He said most countries globally including Ghana spent their financial resources to save lives by purchasing vaccines and other personal protective equipment.

Mr Oppong Nkrumah cited Fitch’s report which mentioned the Covid-19 pandemic as a major cause of economic meltdown globally and negatively affected Ghana’s macroeconomic indicators.

Touching on the reduction of benchmark values on some 32 items, the Minister said government discounted taxes on certain imported items to make the cost of import cheaper, and also to aid and sustain local entrepreneurs to thrive.

He also noted that some foreign investors shied away from buying Ghana’s bonds because of unpleasant social conversations and, thus, made the Ghanaian bonds on the international market riskier.

Credit:GNA

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