Alhassan Andani, the former CEO of Stanbic Bank, has been a vocal opponent of Ghana's tax administration, calling the Ghana Revenue Authority (GRA) a "terrorist organization" in its dealings with the private sector.
Speaking at the recent CEO-Presidential Gala Dinner in Ghana, Mr. Andani made the case that the existing tax system inhibits cash flow, stifles corporate growth, and unintentionally encourages corruption in the private sector.
Speaking at the recent CEO-Presidential Gala Dinner in Ghana, Mr. Andani made the case that the existing tax system inhibits cash flow, stifles corporate growth, and unintentionally encourages corruption in the private sector.
Many CEOs now fear meetings with GRA officials, he added. "I know a number of organizations; when GRA gets into their space, it's as if they deliberately do it to wriggle people's arms to take money," he said. "It's like some terrorists coming when GRA is coming," he continued.
Mr. Andani emphasized how firms are burdened by an excessively complicated tax structure, pointing out that some organizations have up to 33 separate tax requirements. In order to facilitate operations for private enterprises, he demanded a thorough examination and simplification of these responsibilities.
We must streamline any new tax laws, as well as combine and eliminate certain levies, Mr. Andani said. He emphasized that in order for Ghana's expanding private sector to "breathe" and flourish, the tax structure must be rationalized.
He highlighted the difficulties businesses encounter due to inflation, currency depreciation, and late payments, explaining that these pressures make it hard for enterprises to efficiently manage cash flow, which ultimately results in late tax payments and strained relationships with the GRA.
According to Mr. Andani, most firms are eager to pay their taxes, but in order to maintain cash flow and control expenses, they want some "breathing room."
He advocated for tax changes that would help companies rather than hurt them, creating a climate in which the private sector can
He highlighted the difficulties businesses encounter due to inflation, currency depreciation, and late payments, explaining that these pressures make it hard for enterprises to efficiently manage cash flow, which ultimately results in late tax payments and strained relationships with the GRA.
According to Mr. Andani, most firms are eager to pay their taxes, but in order to maintain cash flow and control expenses, they want some "breathing room."
He advocated for tax changes that would help companies rather than hurt them, creating a climate in which the private sector can
expand and make a significant economic contribution.
