With the recent initiation of the Value Added Tax (VAT) on residential electricity usage from January 1, 2024, Cudjoe envisions the likelihood of more taxes being introduced, given the government's declared need for augmented revenue.
I feel sorry for the next president of Ghana — Franklin Cudjoe
Franklin Cudjoe, the founder and President of IMANI Africa, has conveyed his empathy towards Ghana's prospective president in light of the consistent imposition of taxes by the New Patriotic Party (NPP) government.
During an appearance on Citi TV, Cudjoe underscored the significance of judicious economic management.
He voiced his apprehensions for the forthcoming president, who will be tasked with navigating the challenges posed by the multitude of tax policies.
He said "I think it is important to be very careful how we want to deal with this economy. I pity the next president of this country because what it means is that you are going to deal with this nonsense of taxes and there will be no breathing room at all."
The Finance Minister, Ken Ofori-Atta, earlier instructed the Ghana Revenue Authority (GRA) to collaborate with the Electricity Company of Ghana (ECG) and the Northern Electricity Distribution Company (NEDCO) in implementing VAT on residential customers exceeding the specified lifeline power consumption.
Effective January 1, 2024, the GRA is tasked with overseeing the VAT implementation in accordance with Act 870, Sections 35 and 37, and the First Schedule (9).
Additionally, the GRA is directed to coordinate with ECG and NEDCO for the transfer of collected revenues as part of domestic VAT collections.
A release issued by Ofori-Atta said the Electricity Company of Ghana (ECG) and the Northern Electricity Distribution Company (NEDCO) are, hereby, requested to liaise with the Ghana Revenue Authority (GRA) to ensure that the implementation of VAT for residential customers of electricity above the maximum consumption level specified for block charges for lifeline units takes effect on January 1, 2024, in line with Sections 35 and 37 and the First Schedule (9) of Act 870.
JOIN OUR PULSE COMMUNITY!
Eyewitness? Submit your stories now via social or: