The Energy Sector Recovery Levy, Covid-19 Health Levy, and Sanitation and Pollution Levy are a portion of the income age estimates declared by the Caretaker Finance Minister Osei Kyei-Mensah-Bonsu in the 2021 budget.
In the three-hour-long location, the pastor likewise declared more than 5% monetary area toll to cater for the financial area tidy up. Street costs will likewise see an upward change.
The public authority has, in any case, legitimized the presentation of the three duties in the 2021 budget proclamation.
Be that as it may, Mr. Ato Forson says Ghanaians will be more regrettable off now than during the stature of the pandemic
The following is his post on his Facebook page
7 Reasons why Akufo Addo's 2021 budget will deteriorate the situation of Ghanaians!
1. We need to make a clear distinction between Covid-19 impact on the economy and your own Mess.
Yes, Covid19 has done some damage to our Economy particularly the private sector but at the Central government level, the problems we face today are due to mismanagement and the 2020 Election year Expenditure! Here is why:
A. Debt was already rising at an unsustainable level before Covid! The public debt ballooned from 122billion(56% of GDP) to 291.6 billion representing 76% of GDP!
B. The fiscal path deteriorated before COVID
C. Economic growth slowed before Covid
D. Reckless expenditure and corruption became the norm pre- Covid and got worse during Covid!
2. Government has likewise suspended Fiscal Responsibility edge till 2024. This implies foolish and wild consumption will proceed with unabated till 2024!
3.Tax increments have been begat as income upgrading measures! Presently at a time
organizations are battling and need improvement to recuperate the AKUFFO ADDO government's answer is new charges. Ghanaians should support up for these climbs in charges:
A. Coronavirus Health Levy
B. Road Toll increases
C. Gaming Tax
D. Sanitation and pollution Levy(Bola Tax)
F. 1% Increase in NHIL
G. 1% increase in Vat flat rate
H. ESLA increase-Additional burden on motorists and food prices.
I. Financial sector clean up Levy 5%- The banks are surely passing this on as bank charges to the consumer
4. From production to taxation:
All the policies of this government’s second term are effectively going to derail the productive sectors of the economy.
5. No hope for all government contractors: The budget made only GHS 3.7 billion provisions for the payment of over 40 billion GHS arrears owed to contractors.
6. Capital expenditure for 2021 is estimated at 2.6 percent of GDP as compared to 5.5 % of GDP for the 2020 outturn while recurrent expenditure( effectively: chop chop) is on the increase
7. No serious investment in the key sectors of the economy including energy, Transport, and Agriculture
This will adversely affect sustainable inclusive growth.
Do you think Ato Forson is right about Nana Addo Dankwa Akufo-Addo’s 2021 budget?
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