Only 11% of Ghanaian workers are optimistic about the 2023 Mid-Year Budget impacting positively on the country's economic growth, a survey by accounting and auditing firm, Deloitte Ghana, has revealed.

However, most respondents are pessimistic about the introduction of policies that will drive growth.

According to the survey, the respondents believe growth will be boosted by lowering Value Added Tax and increasing private sector participation. A whopping 66% want a revision of the VAT rate to reduce prices.

On measures by the government to boost exports, the survey found that credit availability and reduced customs fees were the most important. Indeed, 59% want the review of capital allowance deduction for certain vehicles upwards, whilst 55% want the financial sector recovery levy abolished.

In terms of the most effective changes in direct tax regulations for the industry, most respondents (74%) view a reduction in corporate income tax rate as the most desired change to direct taxes.

With regard to desired indirect tax changes, respondents expect scrapping of the COVID-19 Health Recovery Levy and review to the VAT regime.

The survey contained 16 questions and was administered online. We collated a total of 239 responses from six broad industries based on the Deloitte industry classification.

The majority of the respondents (65%) were low to middle-level managers (such as supervisors, executives, operations managers, branch managers).

The highest number of respondents were from the Financial Services Industry group.

In Deloitte’s view, this is because players in the industry want the government to understand their expectations about the economy, especially given the impact of the Domestic Debt Exchange Programme (DDEP), as a prior action for the approval of IMF program, on the Financial Services Industry.