In a bold move aimed at securing a brighter future for the private sector, the Ghanaian Food and Beverage Association (FABAG) has declared its willingness to support any presidential contender dedicated to addressing the pressing issues facing the industry.
John Awuni, Executive Chairman of FABAG, underscored the urgency of the situation, highlighting the burdensome tax regime and policy challenges stifling growth within the private sector. He emphasized the need for tangible commitments from political leaders to alleviate these burdens and create an environment conducive to business prosperity.
Awuni voiced the frustration felt by many within the private sector, noting a trend of diminishing working capital and growing disillusionment among business owners. With neighboring countries like Togo and Cote d’Ivoire offering more favorable investment climates, Ghana risks losing its competitive edge if urgent action is not taken.
The statement issued by FABAG outlined the association’s intention to mobilize its members in the upcoming elections, urging them to vote based on the tax and policy proposals put forth by presidential aspirants. It emphasized the critical role of the private sector as the engine of economic growth and called for a clear articulation of how the sector will be revitalized under a new administration.
The association raised pertinent questions regarding tax policies for imports, manufacturing, and the service sector, demanding concrete strategies to make the private sector genuinely profitable. It lamented the lack of support from the government, citing over-taxation and hostility towards business owners as major obstacles hindering growth.
Earlier concerns voiced by the association regarding the introduction of three new taxes have further underscored the urgency of the situation. These taxes, signed into law by President Nana Addo Dankwa Akufo-Addo, have sparked widespread criticism and apprehension within the business community.
Critics argue that these new taxes could disproportionately impact lower-income individuals and small business owners, potentially pricing them out of the digital economy. Despite the government’s assertion that these taxes are necessary to shore up domestic revenue and bolster Ghana’s fiscal position, concerns persist regarding their potential impact on economic stability.
In conclusion, FABAG’s proactive stance underscores the importance of advocating for policies that support the growth and sustainability of the private sector. As Ghana prepares for the upcoming elections, the association’s call for meaningful engagement with presidential candidates on these critical issues serves as a rallying cry for a brighter future for businesses across the nation.