According to the Ghana National Chamber of Commerce and Industry, the high cost of doing business in the country which they attributed to the continuous depreciation of the cedi, high inflation rates and high taxation was affecting their members.

In an interview with Citi Business News, President of the GNCCI, Dr Clement OseiAmoako, said in view of these unfavourable conditions, it was time for the government to start implementing the Tax Exemptions Bill to help local businesses stay afloat.

“The rapid depreciation of the cedi against other major foreign currencies, the high cost of fuel, high inflation and high policy rates are heightening the cost of doing business in the country. The decision to seek balance of payment support from the International Monetary Firm(IMF) provides temporary relief in addressing the external shocks facing the Ghanaian economy,” he said.

He said “We urge the government to provide more support to value additions, local content optimisation, export development, trading of domestic products and services, and efficient competition laws which are sustainable tools needed to manage exchange rates and inflation stability to achieve microeconomic stability. The Chamber further urges government to operationalise the tax exemption bill, property tax bill among others to boost domestic revenue mobilisation.”

Parliament earlier this year passed the Tax Exemptions Bill 2022 to streamline the tax exemption regime in the country.

The bill, among other things, comprises tax waivers given to local and foreign companies to encourage increased investment and more foreign direct investment in the economy.