THE 2023 BUDGET: A BLESSING OR A CURSE?

Even before the covid outbreak, the recent years had not been pleasant, especially for families
without taking into account individuals who live alone. Regardless of their profession or line of work,
the government of the day is responsible for fostering an environment that allows employees in
every sector of the economy to benefit from their labor in exchange for decent or appreciable
pay. The depreciation of the cedi, the high cost of fuel and social amenities, the high cost of water
and electricity, the coercive and irrelevant e-levy, and other factors have made life difficult for the
average Ghanaian. These circumstances have made it necessary for the average citizen to lose their
sense of value for money and control over their spending. I mentioned the responsibility of the
government in creating a certain atmosphere that would make it more simple for the citizens to
strive without any trouble at the beginning of this article.

The then-governing party informed the decent citizens of this nation of the strategies they have in
place to lessen these challenges and improve the quality of life for Ghanaians throughout its
campaign visits. It is now quite clear that they were merely engaging in empty political discourse and
cheap sloganeering to win over the voters.Ladies and gentlemen, the 2023 budget has increased the
level of transparency regarding the weak, inexperienced, and incompetent nature of the
government.

In the upcoming years, Ghana will face difficult times as a result of the government’s intention to
raise the Value Added Tax (VAT) by 2.5% without increasing workers’ incomes or wages. Therefore,
the new announcement’s increase in VAT from 12.5% to 15% means that, as far as the VAT
components are concerned, the prices of goods would increase.The finance minister, who is
currently under fire, reportedly mentioned attempts to expand the tax net and lower the electronic
transactions tax from 1.5% to 1%. Moreover, to get rid of the GHC 100 transaction threshold that
triggers e-levy fees

In terms of mobile money and electronic transactions, this means that the government will assess
fees on each transaction. In reality, this will only increase the tax burden on Ghanaians who are
already struggling.

“We want change, we want change “… Was the outcome of this change a blessing or a curse?

Etornam Axandrah, 18plus4NDC