Focus on cutting expenditure, not just raising revenue – Chamber of Commerce president

Stephane Miezan, President of the Ghana National Chamber of Commerce and Industry, has urged the government to prioritize expenditure cuts over merely increasing revenue for sustainable economic growth.

On Joy News' PM Express Business Edition, he argued that overburdening businesses and taxpayers hamper economic stability.

Miezan emphasized that while revenue is essential for infrastructure development, fiscal management should also focus on reducing excessive spending. He questioned the government’s fiscal strategy, especially amid ongoing IMF negotiations, and called for tax cuts to ease the burden on businesses facing economic challenges.

He also raised concerns about the depreciation of the Ghanaian cedi, urging the finance minister to implement concrete measures for currency stability. Additionally, Miezan highlighted the need for policies that enhance the business environment, attract investment, and stimulate job creation.

He concluded by stating that the business community is closely monitoring the government’s next steps, emphasizing that balanced revenue generation and prudent spending are crucial for economic recovery and sustainable growth.