The Executive Secretary of the Importers and Exporters Association of Ghana (IEAG), Samson Asaki Awingobit, has commended President John Dramani Mahama’s administration for easing the financial burden on businesses through strategic fiscal reforms.
Speaking on Morning Starr with Isaac Addae on Friday, November 14, Mr. Awingobit welcomed the measures outlined in the 2026 Budget Statement presented by Finance Minister Dr. Cassiel Ato Forson on Thursday, November 13.
“I want to thank the government, President John Dramani Mahama and his government, for actually listening to the business community. Indeed, they promised in 2024, they will do tax re-nationalization, they will abolish e-Levy, they will abolish COVID-Levy,” he said.
The Finance Minister had announced several VAT reforms, including reducing the effective VAT rate from 21.9% to 20%, raising the VAT registration threshold from GHS 200,000 to GHS 750,000, abolishing VAT on mineral exploration and reconnaissance, and extending the zero-rating of VAT on locally manufactured textiles to 2028.
Mr. Awingobit emphasized the practical impact of these reforms on the business sector, citing a clear example from import operations.
“Someone was cleared 2017 model of Honda CVR. The person paid 57,000. If it were to be January, February, okay, or even December, November 2024, you wouldn’t have paid that Honda CVR at 57,000. So we saw the kind of relief that actually came,” he explained.
He further noted that the predictability of the policies and lower duties are helping businesses plan better and reduce operational pressures.
Analysts have also welcomed the budget, describing the tax and VAT reforms as a boost to economic stability and a signal that the government is listening to stakeholders.
Source: Starrfm.com.gh
