CEO, Association of Ghana Industries, Seth Twum-Akwaboah

The Association of Ghana Industries is calling for a dialogue between the government and players in the banking industry on the 5.0% profit before tax levy before its implementation.

It also wants the financial sector levy to be spread to other sectors of the economy.

Already, the Association of Bankers are unhappy of the levy because its members are already paying the 5.0% fiscal stabilization levy.

Chief Executive of AGI Seth Twum Akwaboah told Joy Business that the banks are overburdened with numerous levies.

“They are already paying the stabilization levy of 5.0% and therefore if you are going to increase it to 10.0% or introducing another levy then it should be discussed with them [banks] and perhaps you should also consider a spread of it to other sectors that are equally important and are also making or made some good gains during this period [covid-19].”

“So I think this is something that dialogue should do and I would have loved that it was discussed before it was imposed”, he further said.

“But it could still be discussed and I think I’m not surprised that the bankers are complaining; but I think we should do further discussions on this with the ministry [Finance} and see how best they can position it”

In the 2021 Budget and Economic Policy, government introduced the Financial Sector Levy to recoup some of the debt incurred as a result of the financial sector clean-up.

The move has already created some anxiety among stakeholders within the sector.