2023 Mid-Year Budget Review: IMANI's Franklin Cudjoe Hopeful Finance Minister Won't Introduce New Taxes

2023 Mid-Year Budget Review: IMANI's Franklin Cudjoe Hopeful Finance Minister Won't Introduce New Taxes

  • Think tank IMANI Centre for Policy and Education has made a strong case for the finance minister to avoid introducing new taxes in the 2023 mid-year budget review
  • Founding president Franklin Cudjoe has said new taxes will further impoverish Ghanaians already suffering under the harsh economic conditions
  • He told YEN.com.gh in an exclusive interview that there is no need for the government to feed wasteful policies especially since elections are around the corner

President of Accra-based policy think tank IMANI Centre for Policy and Education Franklin Cudjoe has put forth reasons the government must not introduce new taxes in the 2023 mid-year budget review on Monday, July 31, 2023.

Cudjoe said the numerous taxes introduced by the current Nana Akufo-Addo administration betrays the NPP's manifesto promise of moving from taxation to production.

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Franklin Cudjoe is hopeful that Ken Ofori-Atta will not introduce new taxes in the 2023 mid-year budget review
Finance Minister Ken Ofori-Atta (L) and Franklin Cudjoe. Source: Getty Images, Facebook/@franklin.cudjoe
Source: UGC

He told YEN.com.gh in an exclusive interview that the government does not need additional taxes to fund most of its poorly thought-through policies.

"For what is worth, it has saved close to GH¢35 billion cedis from the debt exchange programme. It is enough for now. The real sensible thing to do is to put on hold close to GH¢12 billion out of the nearly GH¢27 billion cedis of planned capital expenditure until the economy can breathe again. No need to feed a wasteful enterprise especially as elections are around the corner," he told YEN.com.gh.

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Taxes are a lazy man's approach to raising money

Franklin Cudjoe, an outspoken policy analyst, had stated earlier on Facebook that some of the taxes imposed by the current administration are lazy ways of raising money to run policies.

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"Some taxes imposed by the government is not only a lazy way of raising money to finance poorly thought policies and a very large and unproductive size of government, they drive millions of severely poor citizens further into poverty," he said.

Quoting Thomas Sowell, an American economist, to buttress his points Franklin Cudjoe proposed that elections should be held in Ghana on April 18, shortly after citizens pay taxes to discourage politicians from being big spenders.

"Elections should be held on April 16th- ( April 18th for Ghana?) the day after we pay our income taxes. That is one of the few things that might discourage politicians from being big spenders - Thomas Sowell".

IMF updates and other things to expect from 2023 mid-year budget review

Meanwhile, YEN.com.gh has reported that the Ministry of Finance disclosed that the 2023 mid-year budget review will outline measures to boost Ghana's economy.

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The budget review will also give further details on Ghana's fiscal and economic performance in 2023 so far.

The finance ministry said there would be further engagements after the budget to explain the various policy decisions.

Minority MPs vow to oppose new taxes in 2023 mid-year budget review

In a related story, the Minority Leader in Parliament has said his caucus will oppose any new taxes in the 2023 mid-year budget review.

Minority Leader Cassiel Ato Forson said his side will push for expenditure cuts instead of new taxes.

Forson said he expects new revenue measures in the 2023 mid-year budget review because of the IMF deal.

The budget review on Monday was initially scheduled for July 25 but the date was amended a few times until July 31, 2023, was settled on.

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Source: YEN.com.gh

George Nyavor avatar

George Nyavor (Head of Politics and Current Affairs Desk) George Nyavor writes for YEN.com.gh. He has been Head of the Politics and Current Affairs Desk since 2022. George has over 9 years of experience in managing media and communications (Myjoyonline and GhanaWeb). George is a member of the Catholic Association of Media Practitioners Ghana (CAMP-G). He obtained a BA in Communications Studies from the Ghana Institute of Journalism in 2010. Reach out to him via george.nyavor@yen.com.gh.

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