Businesses have hinted that the prices of goods and services will go up following the increased cost of production due to increased taxes.
The development according to them has become necessary as it will cushion them to stay afloat.
Increases in capital gains tax from 5 to 15 percent as well as some withholding taxes have been cited as some of the factors accounting for the decision.
For the Ghana Chamber of Commerce and Industry (GCCI), its members will only be profitable if prices are adjusted upwards.
The Chief Executive of the Chamber, Mark Adu Aboagye in an interview said the development is likely to impact other sectors of the economy if it is not checked.
“We need to pay for other costs so significantly, most of them will have to adjust to make sure they are able to meet these costs and that will mean an increase in prices if they are not able to lobby to withdraw these taxes or reduce them to a level that the businesses can pay… prices will go up and that will affect the rate of inflation and other viable as well.”
Source: citifmonline