Business community has lost confidence in government – Importers and Exporters Association

The Importers and Exporters Association of Ghana says its members and the business community have lost confidence in the President Akufo-Addo-led government and believe it’s time the government chart a new path in restoring the economy by bringing some form of hope to Ghanaians.

It therefore described the 2023 State of the Nation Address (SONA) which was delivered by the president on March 8, 2023 as nothing short of hopelessness to the business community.

In its reaction to the State of the Nation Address by President Akuf-Addo, it said in a statement signed by Samson Asaki Awingobit that “the president’s 2023 state of the Nation Address fell short of our expectations”.

We thought the President would have taken advantage of the 2023 SONA to give some hope to the business community and even the ordinary consumers (citizens), however, the Nana Addo-led government once again confirmed our long-standing conviction that they (government) have lost touch with reality and the sufferings of Ghanaians.”

Further, it said the Nana Addo-led government has since its assumption of office introduced more taxes on the business community rather than putting in place pragmatic measures to bring some sort of relief to the industrial sector.

We are saddened to have heard the President impressing on Parliament to, as a matter of urgency, speed up the passage of two important bills that we believe will hurt the business community. The bills, the Income Tax Amendment Bill, and the Excise Duty Tax, if passed, will lead to a higher increase in the cost of doing business in the country”.

It continued, saying with inflation high and the cedi steadily deprecating, whereas lending rates have become unattractive, coupled with high utility tariffs which have seen Ghanaian producers passing on the cost to the ordinary consumers, it fears for the worse if these two bills are passed by Parliament