The Importers and Exporters Association of Ghana has serviced notice that the prices of goods will increase beginning January 2023.

According to the Association, the approved 2.5 percent increment in the Value Added Tax is the reason for the expected hikes in prices.

Parliament has by a majority decision passed the Value Added Tax Amendment bill to increase the rate by 2.5 percent.

This may result in accumulated VAT for Ghana standing at 21.5%.

Executive Secretary of the Association Samson Awingobit reacting stated that the increase was a terrible decision and the exact opposite of what the current government did.

He said the current government promised to move Ghana from taxation to industrialization.

"However, they have done the opposite. They have failed all the promises they made to the business community. They have introduced more taxes since they took over.”

“We strongly believe that the government has been unjust to the business community,” he said. I can tell you with certainty that, since 2018, all of the promises they made to us have not been fulfilled. Their policies have derailed our businesses, eroded our interests, and impacted our capital.”