The Ghana National Chamber of Commerce and Industry (GNCCI) has appealed to the government to do more in creating a congenial environment for the private sector to thrive.

The Chamber contends that although the 2024 Budget failed to address some of the members concerns about taxes, they believe there is still room for interventions to cushion business.

Speaking at the Chamber’s 2024 National Budget Review Seminar, its President, Dr. Clement Osei Amoako said it will continue to engage the government on outstanding concerns.

“We want the government to also look at a situation where they can give us some space in terms of incentives in some of the key sectors that will grow this economy for the private to borrow at a lower cost to be able to expand and create jobs. We look forward for further discussions”. 

Making a presentation at the seminar, Director of the Institute of Statistical, Social and Economic Research, Professor Peter Quartey expressed fear the first quarter of 2025 will be tough for businesses to thrive due to a possible budget overrun in 2024.

“The year 2025 might be turbulent and that should inform our decisions and actions on how we spend and manage our finances. We should be able to break from this political business cycle; and 2024 should be a test case”.

On his part, a Partner at accounting and auditing Firm at KPMG, Michael Boateng, said there must be a tax impact assessment on businesses to inform much stronger fiscal policy measures.

“There should be an ongoing review of the impact of the current tax regimes on businesses. If the businesses were not there, there would be nothing. We need to make sure we monitor and keep this discussion going forward”.

The Ghana National Chamber of Commerce and Industry 2024 National Budget Review Seminar was on the theme: the impact of the 2024 national Budget on Private sector, Businesses and Opportunities.