GENERAL NEWS

We can’t reduce prices of goods due to 2.5% increase on VAT – Ashanti Business Owners Association

The Executive Secretary for Ashanti Business Owners Association, Mr Charles Kusi Appiah, has disclosed that, prices of goods on the market may not go down as expected due to the 2.5 per cent increase on Valued Added Tax, VAT.

“Government in the 2023 budget statement introduced the 2.5 per cent increase in VAT which has been approved by parliament, inflating the cost of business and by the principles of business, the final consumer will have to bear the brunt”, he said.

“As business, one of our major objectives is to give competitive prices while getting profits at the same time, so in government increases the cost of doing business, we as traders will surely pass on the additional cost to the final consumer”

Speaking on the Kumasi based OTEC 102.9 FM’s breakfast show “Nyansapo”, on Friday January 6, 2023 hosted by Captain Koda, Mr Kusi Appiah said the VAT increment alone has inflated their operations by 250 basis points, adding that the situation will push the price of goods up by 250 basis points.

Consumers prior to the yelitude complained about the high prices of items, some of which have seen prices more than tripled from 2021, calling on traders to reduce do something about it.

The calls have however intensified following a reduction in the cost of fuel in recent times.

Meanwhile Mr Kusi Appiah has emphasized that it will be very   difficult for traders to slash the prices due to the increase in VAT and some other factors beyond their reach.

Source: Ghana/otecfmghana.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

Related Articles

Back to top button