Food inflation to go up due to new taxes- Kojo Ahiakpa

Kojo Ahiakpa, Director of Policy and Research Bureau at the Chamber of Agribusiness Ghana, believes that the three levies that the president has approved may result in an increase in food inflation.

This follows after Information minister, Mr. Kojo Oppong Nkrumah, disclosed that the taxes that were approved by Parliament in March 2023 have been signed into law by President Nana Addo Dankwa Akufo-Addo.

Speaking to journalists, the director explains that the new taxes will further increase the cost of doing agribusiness in the country and producers may likely shift the cost to consumers.

“On the Growth and Sustainability Levy, the implications to us in the Agribusiness are that it is going to increase the cost of doing business hence any allowable deductions that are stated in clause 3 of the Bill will most definitely impact the cost of doing business across the board,” he said.

“And that goes to affect the cost of goods and services across the country and that is going to impact the cost of living,” he mentioned.

He further suggested that “the way forward will be for stakeholder engagement for government to find a common ground with the other parties, and with respect to these taxes some tax holidays must be considered”.