I will be extremely shocked if government decides to introduce new taxes – Prof. Assuming

Renowned economist and University of Ghana professor, Prof. Patrick Asuming, has expressed strong reservations about the government introducing new taxes in the 2025 budget.

He stated he would be "extremely shocked" if such measures were implemented, considering the current economic challenges and existing financial burdens on citizens. Instead, Prof. Asuming advocates for alternative revenue-generating strategies, including removing certain taxes and reassessing tax exemptions.

He emphasizes enhancing tax compliance, broadening the tax base, and reducing wasteful expenditures over imposing additional levies.

This perspective aligns with the Ghana Union of Traders’ Associations (GUTA), which has called for tax cuts, currency stability, and cost reductions to improve the business environment.

Additionally, the Association of Ghana Industries (AGI) has urged the government to resist imposing a sugar tax on beverage companies in the upcoming budget.
These collective viewpoints highlight a broader consensus on the need for tax reforms and economic stability in Ghana's fiscal planning.