The President, Nana Addo Dankwa Akufo-Addo, has dismissed calls on the government to reduce taxes on petroleum products.
He said taking such an action will significantly affect the government’s revenues.
Addressing the 2022 May Day parade at the Independence Square in Accra, he said the government risks losing about GH¢4 billion if it makes any such move. He added that it is even more untenable because the government is rather looking for more avenues to raise money.
“Removing taxes on petroleum products will reduce government revenues by some GH¢4 billion. At this time, when we are determined to expand government revenues in order to increase our capacity to finance our own development, can we afford to reduce tax revenues by GH¢4 billion?” he quizzed.
Fuel prices in Ghana have risen sharply in Ghana in the last six months, although they have stayed the same for almost a month.
Source: Philip Teye Above