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Traders within the central business district in Kumasi ,Adum as precise who trade in consumable goods have had shut down their shops due to the current economic crisis and over burden of taxes.
Ghana’s economic growth is subject to major fluctuations: The economic challenges facing the country include high inflation, a high level of state debt and heavy fluctuations in foreign direct investment.
An IMF programme is meant to help implement public spending reforms, reduce subsidies and create greater transparency.
But according to these disgruntled traders, their businesses are collapsing due to predicament of the exchange rate and over burden taxes imposed to them by the Ghana Revenue Authority. They added ,Government has introduced a double taxation on Fast-Moving Consumer Goods which affect goods in the business cycle.
The traders bemoaned ,the 4% VAT which should be pass on to the retailers is affecting only those registered with VAT, leaving those traders without VAT to sell at low price without applying 4% VAT to consumers.
“Yon can’t introduced structured policy to unstructured market , it will not work”,said the traders.
The aggrieved traders said, the shut down of the shops is a signal and wake-up call to the government to pay attention to current economic crisis to save indigenous business from collapsing.
According to the traders ,they want government to review the VAT system immediately to facilitate free and fair business transaction.
Over hundreds shops locked up this morning with red bands in-front to indicate their oppression.
Story filed by Enock Baffoe
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