Information Minister, Kojo Oppong Nkrumah
Local industry can expect measures in the budget statement for the 2022 fiscal year that will make their products more competitive, Information Minister, Kojo Oppong Nkrumah has revealed.
He also said dealers will benefit from the same measures to source the same products locally.
Finance Minister Ken Ofori-Atta is expected to present the budget to parliament today Wednesday, November 17.
In a Facebook post regarding this budget statement, Mr Oppong Nkrumah said, “Today is expected to be a good day for young Ghanaians looking for support to fuel their business ideas…We look forward to some relief for road vehicle users, while at the same time equitably raising revenues to speed up the fixing of our roads.”
“Local industry can expect measures that will make their products more competitive while dealers benefit from same measures to source the same products locally.”
“And no, while acting as President of the Republic, VP Dr. Mahamudu Bawumia cannot join the finance minister to the chamber today. It will be out of place.”
Financial analysts including the Dean of the Business School at the University of Cape Coast, Professor John Gatsi, have said they expect to see tax alignments in the yet-to-be read budget statement for the 2022 fiscal year.
Speaking in an interview with TV3 on Tuesday, November 16 ahead of the presentation, Prof Gatsi said “Definitely, if you are talking about a huge deficit you want to ensure that you achieve fiscal consolidation.”
“Tax alignment is the solution but as to whether the alignment will respond to the reality of the grounds is another thing. So definitely there will be tax alignment in the budget.”
“The net effect of those alignment will be increase in taxes because you will want to achieve fiscal consolidation so that is expected.”
Meanwhile, the Minority in Parliament have threatened not to approve the budget if the Finance Minister Ken Ofori Atta fails to show how the 2021 budget was spent.
Member of Parliament for Asawase, Muntaka Mubarak, said it was necessary for the government to tell the people of this country how the previous budget was utilized.
Deputy Majority Leader, Alexander Afenyo-Markin, had said parliament would start the debate on the budget from Monday, November 22, and conclude on Friday, November 26, 2021.
Speaking in an interview with TV3, Muntaka Mubarak said “This budget, we have sent signal that if you don’t bring the details on how you spent the 2021 budget you are going to have it very difficult with us getting approval for 2022.
“We will insist on the details, show us the details so you don’t come and tell us,” he added.