2023 budget: After destroying the economy, you still increase VAT — Kwakye Ofosu blasts Bawumia

Felix Kwakye Ofosu, former Deputy Information Minister under the Mahama administration has slammed Vice President Dr. Mahamadu Bawumia following the proposed 2.5% increment in the Value-Added Tax (VAT).

He blamed the veep and his Economic Management Team (EMT) for the country’s economic predicament.

Reacting to the 2023 budget statement and economic policies in a tweet on Thursday, November 24, he told the already suffering Ghanaians to prepare and endure more hardships.

According to him, the budget brought no assurance of economic redemption.

“After destroying the Ghanaian economy with criminal mismanagement, Bawumia has imposed an additional 2.5% VAT on the already suffering masses,” he said.

He stressed, “Prepare for more hardships!”

Reading the 2023 budget statement and economic policy in Parliament on Thursday, November 24, Mr. Ken Ofori-Atta, the Finance Minister, announced that there will be a 2.5 percent increment in the Value-Added Tax (VAT) effective 2023.

Meanwhile, according to the minister, the long-held public outcry about the reduction of the 1.5 per cent E-levy to 1 per cent has been answered.

“To aggressively mobilize domestic revenue, we will among others increase the VAT rate by 2.5 per cent to directly support our roads and digitalization agenda.

“...Review the E-Levy Act and more specifically, reduce the headline rate from 1.5% to one per cent (1%) of the transaction value as well as the removal of the daily threshold,” the Minister announced.