Nana Kwame Bediako, leader of the New Force Movement, has vowed to eliminate excessive taxes imposed on Ghanaian traders if elected President in the 2024 General Elections. Bediako made the promise during a meeting with the Ghana Union of Traders (GUTA) in Accra, where he acknowledged the severe impact of these taxes on traders’ wealth generation potential.
“I can’t promise zero taxes, but I’ll make them reasonable. There’s no point in importing from other countries, only to spend 60 or 70% on taxes and interest, leaving traders with minimal profit,” Bediako said. He also announced plans to impose embargoes on foreign traders operating in Ghana to ensure wealth generated remains within the country.
“I want to infuse industrialization into your trading, so you can distribute products made in Ghana, not just imported from China. But first, I’ll place an embargo on foreign traders invading your market,” he explained.
GUTA President Dr. Joseph Obeng highlighted major challenges faced by traders, including the exchange rate and high duty charges. He urged Bediako to include measures to stabilize the cedi and simplify the duty system in his presidential manifesto.
“Our major concern is exchange rate stability. Without it, industrialization is impossible. We need to stabilize our currency to prevent capital flight and ensure competitiveness in the sub-region,” Obeng said. “We also propose simplifying and reducing taxes to make payment affordable and ensure compliance.”
