The president of the Ghana Union of Traders' Association (GUTA) says businesses in Ghana are being overtaxed.

Dr Joseph Obeng speaking on Joy News' AM Show on Monday, February 5, said this is hurting their ability to compete and grow in the space.

He explained that the Association has analysed the costs of importing goods and found that there are 20 different taxes and fees that add up to a significant amount.

According to him, the VAT rate has increased from 3% to 22%, making it harder for businesses to operate profitably.

Dr Obeng highlighted that these taxes are hurting the economy and need to be addressed.

"When you talk about the new taxes that were imposed on us, those three obnoxious taxes that were imposed on us and all these things compound to make the cost of big business extremely high.

"The utility costs we have to encounter, and all that, it is true that we are being overly taxed against the productivity that we are having."

The GUTA president explained that certain imported goods carry either a 20% or a 35% tariff.

Dr Obeng stated that if a product falls under the 20% category, the percentage would be applied to the invoice value.