May 18, 2022

Taxes On Fuel Products Must Be Reduced To Stabilize The Economy – Economist

Dr. Sampson Anomah, a Senior Lecturer at Kumasi Technical University who is also the Head of the Department for Accountancy and Accounting Information Systems has stated that government should make sure prices of fuel products are well managed to stabilize the economy of the country.

Speaking in an interview Dr. Anomah Sampson noted further that the high rate of goods imported into the country has contributed greatly to the woes of the country’s economy stating that there are certain imported items that can be produced on the local market hence government must ensure that certain goods are manufactured within the country to lessen the inflation rate.

He said that importers, market men, and women keep adjusting the prices of their imported goods as a result of exchange rate depreciation between the Dollar and the Cedi.

He finally pleaded with Ghanaians to reduce their desire to consume goods imported from abroad and patronize made-in-Ghana goods to boost the local manufacturing industries. The government should also contribute to this drive by increasing import duty on certain luxurious goods or goods with a perfect substitute in the country.

He again recommended that embargoes and quotas be placed on certain imports where they are quite necessary for the health and growth of the economy.

Source: Gloria Opoku

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