Dr. Frank Bannor, a Development Economist and the Head of Research at the Danquah Institute (DI) has emphasized that a significant aspect of the NPP’s new manifesto is Dr. Bawumia’s pledge to streamline Ghana’s intricate tax system to foster economic growth in the nation.
In a discussion with France24 news regarding the proposed reforms outlined in the document, Dr. Bannor remarked that the existing tax framework is viewed as excessively complex and onerous for both businesses and individual taxpayers, a challenge that the NPP intends to address directly.
Ghana’s tax system is not only complicated but also a significant hindrance to economic growth. For instance, it requires businesses to hire specialists just to understand their tax obligations by GRA, which pushes some to evade taxes altogether, leading to a loss in government revenue.
Dr. Bannor, a representative of the identifiable group within the manifesto committee, disclosed that he engaged in discussions with significant stakeholders, including the Ghana Union of Traders Association (GUTA), the Ghana National Chamber of Commerce and Industry, the Ghana Carages Association, and the Pharmaceutical Society of Ghana.
He noted that the responses from these stakeholders frequently emphasized the burdensome characteristics of the tax system, which tends to impose excessive strain on businesses.
