President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng, has described the 2023 mid-year budget read by the Minister of Finance, Ken Ofori-Atta, in parliament on Monday, July 31, 2023, as empty.

He stated that government did not touch on the high cost of doing business and also did not revise the high taxes paid on goods.

Dr Obeng further said utility prices have shot up in recent times and this was having a toll on the business community.

Speaking in an interview on TV3’s Ghana Tonight programme, the GUTA President said, “The budget did not touch on the high cost involved in doing business, no revision on taxes, high interest rate and high inflation issues have not been solved. Inflation from 53% to 42% is not acceptable, nothing has changed, there is no new thing in the budget.”

“Effects of the IMF and high exchange rate did not help; utility bills have gone up to 50% all these are not good for businesses," he stated.

He advised government to cut down its expenditure to save the country some money.

Dr Obeng noted that Ghanaians were overburdened amidst the economic crisis, therefore, government should put in more stringent measures to allow Ghanaians to heave a sigh of relief.

The presentation of the mid-year budget review statement by the finance minister, Ken Ofori-Atta was mandatory as it falls under the Public Financial Management Act 2016.

It aims to provide a platform for government to update the House and citizens on its economic progress as well as outline any necessary adjustments to the budgetary allocations and policies.

ESA/NOQ

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