GUTA Calls for Tax Reforms in 2025 Budget


The Ghana Union of Traders’ Associations (GUTA) has expressed optimism ahead of the 2025 Budget Statement, anticipating key reforms to ease the cost of doing business in the country. The union welcomes the government's assurance to streamline the tax system, reduce excessive levies, and implement policies that promote a more favorable business environment.

In a press release signed by its President, Dr. Joseph Obeng, GUTA outlined several expectations for the upcoming budget. These include the elimination of nuisance taxes, restructuring of Value Added Tax (VAT) to be simpler and more affordable, and adjustments in the frequency of the Bank of Ghana’s dollar exchange rate for duty payments at the ports. GUTA recommends that instead of weekly or biweekly changes, the rate should be pegged quarterly or bi-annually to stabilize import costs.

Call for Tax Reforms and Economic Stability

GUTA also urged the government to introduce an unconditional tax amnesty program to widen the tax net. This would enable businesses with tax irregularities to regularize their obligations without penalties, ultimately improving revenue mobilization. The union further emphasized the importance of compliance measures, including education, monitoring, and enforcement.

Another major expectation is the implementation of a fixed tax system for spare parts, as promised in the government’s manifesto. GUTA believes this pilot scheme could later be expanded to other imported commodities, bringing predictability to the trading sector.

Ensuring Economic Stability and Fiscal Discipline

Beyond taxation, GUTA is advocating for broader economic stability measures. The union expects the budget to introduce policies that stabilize the Ghanaian cedi, reduce inflation, and lower interest rates. Additionally, GUTA calls for strict scrutiny of government expenditure to prevent waste and misappropriation of public funds. According to the union, ensuring value-for-money spending will make tax compliance more meaningful for businesses.

As traders eagerly await the 2025 Budget Statement, GUTA remains hopeful that these proposed measures will be adopted to foster a conducive business environment and drive economic growth.


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