GNCCI Warns Of Further Increases In Prices Of Goods And Services

The Ghana National Chamber of Commerce and Industry (GNCCI) is warning of further increases in prices of goods and services in the coming days.

This, the, chamber says is as a result of the signing into law of the three new tax bills by President Akufo-Addo.

These taxes are going to force businesses to pass on the cost in the form of prices to customers. So we should brace ourselves for an increase in prices of goods and services”, Mark Badu-Abaogye, Chief Executive of GNCCI disclosed.

“Businesses are not even making profits and cannot absorb these taxes. If you take the excise duty for instance, businesses will have no option than to push the prices to consumers.”

“If you take the Growth and Sustainability levy, the businesses are not making profits and you want to tax 5% out of it. So, what we’re saying is that we don’t want businesses to collapse”.

Again, Mr. Badu-Abaogye said the International Monetary Fund would not be happy to see businesses collapse because the amount of money that will be spent on resuscitating the businesses will be too much.

“I don’t think the IMF will be happy to see our businesses collapse because the amount of money that we will spend resuscitating the businesses and bringing them back to profitable level will be more than the $3 billion that we are looking for”.

He concluded that businesses expect tax that will generate revenue for government and ensure businesses are able to operate efficiently and profitable.

Any increase in the prices of goods and services is expected to increase inflation which was pegged at 45% in March, according to the Ghana Statistical Service.

That will also cause lending rates to remain high.

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