President of the Ghana National Chamber of Commerce and Industry, Stephane Miezan
President of the Ghana National Chamber of Commerce and Industry has urged government to shift its focus from merely increasing revenue to cutting down on excessive expenditure.
Stephane Miezan argues that sustainable economic growth cannot be achieved by overburdening businesses and taxpayers.
Speaking on Joy News’ PM Express Business Edition on Thursday, February 13, Miezan stressed that while revenue is essential for national development, it should not be the only consideration.
“The whole economy should not always be on revenue. It can also be on expenditure cut,” he stated.
He questioned the government’s approach to fiscal management, particularly in light of ongoing negotiations with the International Monetary Fund (IMF).
“With the IMF coming in now, what is the direction? What are we negotiating? What is the finance minister going to negotiate?” he asked.
Mr Miezan acknowledged the importance of government revenue in financing key infrastructure such as schools, hospitals, and roads but insisted that expenditure rationalisation must also be prioritised.
“Revenue is good. We need revenue to do a lot of development in the nation—schools, hospitals, roads, and all of that. Yes, but expenditure also has to be looked at,” he emphasised.
The Chamber of Commerce president was particularly vocal about the need for tax cuts to ease the burden on businesses, which, he noted, were struggling under the current economic conditions.
“They have to look at the expenditure. They have to look at tax cuts for the business community because we are suffering,” he declared.
Mr Miezan also raised concerns about the stability of the Ghanaian cedi, citing its depreciation as a major challenge for the business community.
“In December, the cedi was gaining some strength, but now it’s falling. It is around ¢15.5. What do we know how it will behave tomorrow?” he lamented.
He urged the finance minister to implement concrete fiscal measures to stabilise the currency, arguing that the unpredictability of the exchange rate was making it difficult for businesses to plan.
“What fiscal measures is the Finance Minister going to put in place to ensure that the cedi strengthens? That is our worry,” he stressed.
Beyond currency stability, Mr Miezan called for policies that would make the business environment more attractive for investment and job creation.
“What are the policies that are going to make the business environment very friendly for people to invest, expand their work, create more jobs and employment? All of these things are what we are looking at,” he said.
According to Stephane Miezan, the business community is closely watching the government’s next steps.
“It’s early days yet. Now the business community is monitoring what this government, the president, is going to do. The concentration is on appointments now, but critical positions have been filled, especially finance and others, so we are watching,” he noted.
For Mr Miezan, the key to economic recovery lies in striking a balance between revenue generation and prudent spending.
He insisted that without significant expenditure cuts and a more stable economic environment, businesses would continue to struggle, ultimately affecting job creation and national development.
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