After a marathon of engagements and voting, the legislature approved the tax bills last Friday, which now await President Akufo-Addo’s assent.

However, many business groups, including the Association of Ghana Industries, the Food and Beverages Association among others, have expressed their displeasure with Parliament’s decision.

Gabriel Kumi, Vice President of the LPG Marketers Association, told Citi News that the development is worrying.

“When there are new taxes, everybody is affected. That is why everybody is crying. We know that government needs money, but it can’t tax its way through like that. So obviously, the taxes are going to affect general prices of goods and services, so LPG will not be an exception just that I can’t make projections for now”, he said.

The price of LPG declined on Monday by 5% as the product is currently selling at 12.40p per litre from the GH¢13.20p a week ago.

This is the third consecutive time price of the commodity has seen a marginal drop in 2023.

Although consumers are to expect a further decline in the cost of LPG following a possible downward trend in the price of the commodity in the weeks to come, this may be short-lived following the imposition of the three new taxes.

The bills passed are the Income Tax Amendment Bill, Excise Duty Amendment Bill, and Growth and Sustainability Amendment Bill which collectively, are expected to generate approximately GH¢4 billion per year to supplement domestic revenue.