The President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, has called for a restructuring of the Value Added Tax (VAT) system.

According to him, the current structure is not ensuring compliance and is negatively impacting businesses.

Speaking on Joy FM's Top Story on Monday, March 11, he stressed the need for tax cuts and a streamlined tax system, with special emphasis on VAT, explaining that the current VAT system is complex and burdensome.

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“The way VAT is structured is not ensuring compliance. It’s not helping businesses. We want VAT to be made simpler, more affordable, and uniform. It should be restructured,” he said ahead of the 2025 Budget presentation.

Additionally, he noted that economic stability is crucial for business growth, and the government must adopt measures to stabilise the local currency, reduce inflation, and lower interest rates to improve key economic indicators, particularly exchange rates.

“We need the economy to be stabilised. The budget must adopt measures to stabilise the local currency, reduce inflation, lower interest rates, and improve other economic indicators, especially exchange rates. Business thrives on these indicators, and it is very important that we have a stable environment,” he stated.