Everything on the surface of the earth certainly has an end, be it good or bad. The sun equally shines and sets on the good and not so good.
However, the possibilities and hope for a better and brighter tomorrow is the safe harbor Ghanaians are anchoring on to weather tough days and stormy nights.
The decision to choose and elect a leader and entrust into his hands the management and overseeing of affairs based on his touted competence and credibility can be a risky undertaking.
It can either be of a great blessing, particularly with the outstanding levels of development, progress, economic buoyancy witnessed or a feared curse, with corruption, wanton mismanagement and fearlessly disregarding or relegating the needs of Ghanaians manifested.
Depending on who one decides to interact with, both scenarios will have brazen advocates, proving the truths of both instances, and this all boils down to the conception, allocation and implementations of policies vowed by government captured in the throes of a budget which leaves bittersweet taste in the mouths of those who savor it.
Budget presentations, an economic engineering concept that sustains and oils the workings of government machinery and its deliverables in Ghana has always been a ‘fanfare’.
Weeks prior, various institutions, stakeholders, business fraternity and the minority offer their two cents on what government must include or discard to ensure a thriving, stable economy which will be fair for all.
Primarily, budgets, among other things, help in maintaining stability and control over the government’s finances and are also a means of providing accountability through financial reporting. But the question is has this crucial undertaking been kept?
Accountability of government has always been questioned during budget presentations, as hoots and cheers thickens the cloud in parliament, and this year’s budget presentation promises a more dramatic ‘showdown’.
Already, the minority, like years prior, have fired warning shots to government on the budget presentation as the Minister of Finance, Ken Ofori-Atta, is scheduled to present the 2024 budget statement of the government to Parliament on Wednesday, November 15, 2023.
The 2024 budget presentation by government is predicted to be its final by the minority, as it has assured to since it went into opposition, to fight fair for the ordinary Ghanaian whose interests are taken for granted by government.
During a meeting with the Parliamentary Press Corps, the Minority Leader, Dr. Cassiel Ato Forson, stated that the caucus will aid the government throughout the budget review process.
He indicated that where there are errors, the minority will rectify them, and where there are merits, it will support government appropriately to ensure their implementation.
“We will await the government’s presentation of the farewell budget for 2024. This will be President Nana Akufo-Addo’s final budget. So, we anticipate that this budget will mark their departure, and we hope that we will assist them through the consideration process.”
Cassiel Ato Forson
Prior to this, the minority had issued a stern warning regarding the upcoming presentation of the 2024 Annual Budget Statement.
The NDC MPs asserted that they will oppose the budget if it fails to address the pressing concerns of ordinary Ghanaians amidst the current economic challenges.
The minority reckoned that the prevailing economic conditions have already made it very difficult for the ordinary Ghanaian and businesses, and therefore, it can’t be a party to any policy or measure which makes things even more unbearable for the already suffering Ghanaian and businesses.
Meanwhile, one malignant decision by government in its 2023 budget whose impact has maimed businesses and consumers alike and which has reared its detestable head again is the issue of multiplicity of taxes.
Addressing critical economic challenges
Recently, President of the Association Ghana Industries (AGI), painted a gloomy picture of the country’s manufacturing sector under the current tax regime.
Although government has repeatedly stated that it acknowledges the critical role of the manufacturing sector in Ghana’s industrialization agenda, the sector still faces numerous challenges, thereby stifling growth.
The AGI believes that there has been imposition of additional taxes, by way of the Growth and Sustainability Levy which has “just been introduced”.
“We’ve always complained about the straight levy, where you charge 15% on VAT, meanwhile, you’re paying 21.9% to the government by way of VAT. So if you’re unable to recover, then that additional 6% or so, also adds to your cost of doing business.”
AGI
As it stands, calls for a lot more of the policies to be directed towards expanding the scope of taxable entities and individuals by identifying and bringing more potential taxable persons into the tax net has gained popularity. Also, the need for deliberate policies to encourage informal businesses and workers to formalize their operations is not lost on the business community.
In anticipation of the 2024 general elections, expectations along with the need to impress are high, and instead of being a ‘farewell’ speech, government may well sacrifice their needs and produce a stellar ‘free for all’ freebies budget presentation, simply to get in the good books of businesses and Ghanaians at large.
Whatever that decision may be, playing a rollercoaster game with Ghanaian in budget presentations is barely the way to go to ensure sustenance in whatever form. Whether it’s a farewell or welcome budget, all Ghanaians want is to see the healthy reflection of that in their lives and businesses.
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