High tax rates, port duties, weakened cedi under NPP collapsed many businesses – Entrepreneur

The Chief Executive Officer of the Obibini Blackman Company Limited, Dr Thomas Kofi Dompem, has expressed grave concerns over the state of businesses in Ghana, particularly in the Ashanti Region during the erstwhile NPP administration.

Speaking on Ghanakoma morning show on Akoma 87.9FM in Kumasi with Sir John, Dr Dompem blamed poor governance under the New Patriotic Party (NPP) for the economic challenges plaguing the region and leading to the collapse of many businesses.

He also said the NPP administration ignored businesses in the country, particularly, Kumasi who supported the NPP in the run up to 2016 and 2020 general elections.

Mr Dompem described Ashanti Region as the “heart of business” in the country.

“When considering business owners, traders, factory operators, and repairers, the Ashanti Region stands out as a significant hub in Ghana,” he said. “If you exclude the Ashanti Region, it is challenging to find another area with such concentrated economic activity. This is why, whenever there is an economic downturn or financial instability in Ghana, its effects are most strongly felt in the Ashanti Region,” he said on April 1.

He touched on the struggles faced by business owners in the region during the NPP administration due to policies implemented by the NPP government.

He stated that high tax rates, excessive port duties, and the weakened cedi worsened since the NPP took office, despite the party’s earlier promises to address these problems.

“During the National Democratic Congress (NDC) administration, concerns were raised about high taxes, excessive port duties, and the weakening cedi. At the time, the exchange rate of the cedi to the dollar was 4 cedis, and the NPP criticized these challenges. However, when the NPP came to power, the situation worsened,” he recalled.

Mr Dompem pointed out that the high taxes and port duties have forced some traders to seek alternative routes for importing goods.

 

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