Businesses call for predictive fiscal regime to support economic growth  

By Francis Ntow/Jibril A. Mumuni

Accra, July 26, GNA – Some businesses have called on the government to implement expenditure and tax policies that will enable the private sector to thrive and support sustainable growth and national development.

Such measures, the stakeholders said, should also focus on stabilising the economy to stimulate high productivity, and make taxes simple and affordable.

The private sector, which is often referred to as the backbone of the economy, contributes to about 90 per cent of jobs in developing countries, including Ghana.  

As such, an enabling business environment would help them to meet the demand for goods and services, contain inflationary and currency depreciation pressures, make them pay more taxes, and create employment, especially for the youth.

Speaking at the launch of the 20th edition of the Ghana Club 100 awards in Accra on Tuesday, Mr Joshua Mortoti, the Executive Vice President of Goldfields Ghana Limited, said it was important for the government to ensure a predictive fiscal regime.

“What businesses require to thrive is a stable macroeconomic environment and a predictable fiscal regime,” Mr Mortiti, who also is the Head of West Africa Goldfields, said.

“We all acknowledge the current economic headwinds for, which we must work collectively to navigate, but in doing that we must also be careful not to kill the hen that lays the golden egg,” he said.

The Goldfields Executive Vice President encouraged the Ghana Investment Promotion Centre (GIPC) to increase its advocacy for government to protect both local and foreign investments in the country.  

He said the consistency in organising the awards scheme for nearly two decades required support to make it to be regarded among the likes of Fortune 500 and Jones Sustainability Indexes.

“For companies that make it to this ranking, it’s a boost to their reputation and another way of the State telling you that you’re ticking the right boxes in running your business and helping to develop Ghana in tangible and meaningful ways,” he said.

Mr Yofi Grant, Chief Executive Officer (CEO) of GIPC, commended businesses for creating jobs and generating revenue through paying taxes to the government.

“The ultimate goal is for us to forge valuable partnerships and attract Foreign Direct Investment (FDI) to accelerate development and economic growth in the country,” he said.

The 20th edition of the Ghana Club 100 Awards and the inaugural Ghana Investment and Trade Week is a collaboration between GIPC and the MIE Group of Dubai.

This year’s event is themed: “Accelerating Economic Growth: Amplifying Ghana’s Global Market Footprint through AFCFTA”, and aimed at providing a platform for promoting investment, trade, and knowledge exchange.

GNA  

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