Government is considering reviewing the tax system to ensure that business communities enjoy doing business in Ghana while making it the destination of choice for flow of Foreign Direct Investment (FDI), the Deputy Minister of Finance, Dr Alex Ampaabeng, has said.
“While we are committed to creating a business-friendly environment, it’s imperative that we also ensure a fair and efficient tax system. We need to broaden our tax base and improve compliance to generate the needed revenue for our development.”
The minister disclosed this during the launch of the 21st Edition of Ghana Club 100 (GC100) Awards and breakfast meeting organised by Ghana Investment Promotion Centre (GIPC) in Accra, yesterday.
Under the theme, ‘Partnering for prosperity: Building a thriving Ghanaian economy,’ the GC100 Awards aimed at promoting good corporate governance among Ghanaian businesses, developing a transparent and fluid communication system inside the Ghanaian corporate sector and spurring positive economic outcomes among corporate entities.
The minister said government remained steadfast in its commitment to creating an enabling environment that attracts both Ghanaian and foreign investors into the country.
According to him, Ghana’s medium-term macroeconomic outlook remained very strong and positive, stating that over the last two years, government had implemented decisive measures to achieve fiscal consolidation, economic stability, and growth.
“These efforts, are yielding positive results, as it was highlighted in the mid-year budget last week,” he added.
The minister said the development of a new investment code, an investor-driven mechanism system, and a comprehensive customer relationship management software also reflect government’s commitment to continuous improvement and digital transformation.
He stressed that more public-private collaboration would drive the economic progress, as government believed that leveraging strength of both the public and private sectors would accelerate economic recovery and foster sustainable development.
“I encourage all stakeholders to persist in their collaborative efforts to build a thriving Ghanaian economy. Engaging in such discourse enables us to strategise effectively, harness innovation and work together towards a brighter economic future for all Ghanaians,” he added.
The Chief Executive Officer of the GIPC, Mr Yofi Grant, said in line with their steadfast commitment to making Ghana an attractive destination for investment, the GIPC and government had implemented a series of reforms aimed at simplifying the business registration process, enhancing transparency and reducing bureaucratic limits.
He indicated that GIPC believed that sustainable economic growth could be achieved through stronger, meaningful partnerships, stressing that while global challenges marked by economic shocks, over the past years, caused continued uncertainty in the investment landscape, Ghana had demonstrated relative resilience with an average FDI of approximately 1.5 billion from 2020 to 2023.
He expressed GIPC’s commitment to supporting businesses to attract investments and partner with foreign direct investment, while promoting Ghana as a premier destination for investments and business.
“Our efforts in promoting digital infrastructure and innovation have led to a 12 per cent growth in the tech sector, further diversifying our economy base. It is an area that I think we would like to see more of in Ghana Club 100,” he added.
BY VIVIAN ARTHUR
