Government announces 15% increment on fees and charges of government agencies
The government failed to achieve its 13% tax to GDP target in 2021, Isaac Adongo has said
Member of Parliament for Bolgatanga Central, Isaac Adongo, has stated that the capital market's negative reaction to the 2022 budget presented by Finance Minister Ken Ofori-Atta is a testimony to the premium the business community places on the targets announced.
Some of the holes that were punched after Ken Ofori-Atta's presentation included; Ghana's risk premium increased to above junk and distressed category at over 11% moments after the budget presentation.
This is despite the bold and ambitious targets of 20% tax to GDP and 44% revenue growth next year.
The government failed to achieve its 13% tax to GDP target in 2021 making analysts question the country's ability to achieve the new target announced in next year's budget.
The government also missed the GHC59 billion revenue target in 2021 which has now been revised upwards to GHC89 billion in 2022.
Reacting to the development on Facebook, Bolgatanga Central MP Isaac Adongo argued the reaction of the market to the budget indicates a lack of confidence in the ability of government to achieve these targets set in 2022.
The deputy ranking member for Committee on Finance described the targets as scam meant to hoodwink the business community.
"The capital market's reaction to the deceptive and 419 scams on them by Ken Ofori-Atta is by increasing Ghana's risk premium to above junk and distressed category at over 11%. They cannot be fooled by his 20% tax to GDP and 44% revenue growth in one year when they have failed to achieve 13% tax to GDP."
“How can you fail to raise Ghc59 billion and scam them with Ghc89 billion in 2022? After fooling us over the years, they now think they can scam the smart and efficient capital market. When is the Kenkey funeral for the Bawumia economy?" he wrote on his social media platform.
The finance minister in his address announced the introduction of E-levy on mobile money transactions, remittances, bank transfers among others.
15% increment has also been announced for fees and charges of government agencies.
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