By: Michael Ahinsah
Global Business Strategist and Development Economist, Dr. Samuel Ankrah, has shared his expectations ahead of the 2023 annual budget presentation today, 24th November, 2022.
According to Article 179(1) of Ghana’s Constitution, “The President shall cause to be prepared and laid before the end of the financial year, estimates of the revenues and expenditure of the Government of Ghana for the following financial year.
Speaking on Uniiq Breakfast Drive, Dr. Ankrah said he expects that the 2023 National Budget would focus on the reduction in imports for consumption, effective revenue mobilization and reduction in government expenditure.
Dr. Ankrah explained that the withdrawal of forex support on some imported goods as directed by the Bank Of Ghana is not a solution to the problem of importation suggesting that government must have a well-defined strategy to substitute imported products with locally produced goods.
“Stopping forex in the importation of certain products is not a policy, its a cosmetic work. It does not address the problem”, he said.
Dr. Ankrah said he expects the government to introduce efficient ways to raise revenue rather than increasing taxes explaining that people employ different strategies to evade taxes when they become expensive.
“Human beings are very innovative. If something becomes a nuisance, they will find options around it so we are not expecting taxes to be increased. However, we are looking for efficient ways of collecting taxes”, he opined.
Touching on the reduction of Government expenditure, Mr. Ankrah said it is impossible to overlook the Government payroll and initiative programs such as the “Free SHS”, suggesting that the government should revise some policies to ensure that fundamental issues are resolved.