BUDGET STATEMENT

THE announcement by the Minister for Finance and Economic Planning, Dr Kwabena Duffour to slash taxes on petroleum products at his first budget statement to Parliament has attracted mixed reactions from members of the public.
While some say they support the idea because it will reduce expenditure on the tax payers income on fuel, others say it will truncate the smooth rule of the Mill’s administration.
In separate interviews with the Daily Graphic, they therefore, called for a dispassionate discussion of the issue so as not to jeopardise the future of the small income earner.
Some of the people the Daily Graphic spoke to expressed the view that the decision which was in fulfilment of the National Democratic Congress (NDC’s) campaign promise, would help alleviate the hardships of Ghanaians.
Others on the other hand complained that although, taxes on petroleum products had been slashed, commercial drivers would not reduce fares for the benefit of the ordinary person.
A spare-parts dealer at Abossey-Okai, a suburb of Accra, Mr Benjamin Anson, expressed optimism that the initiative which the Mill’s administration had taken to fulfil his campaign promises would go a long way to help the youth in the country.
For his part, Mr Kweku Boateng, also a spare-parts dealer said: “I think the reduction in the prices of petroleum products was not proper because “even the world economy is facing serious challenges and if Ghana should reduce the prices of petroleum products at this crucial time, it would have a negative effect on the country’s economy.
Parliament has passed the Customs and Excise (Petroleum Taxes and Petroleum Levies (Amendment) Bill 2009 to reduce excise duty on petroleum products.
This was in response to proposals to reduce taxes on petroleum products as announced by minister of finance when he presented the 2009 budget to Parliament.
Dr Duffour said, the government would be committed to pursuing the agenda in fulfilment of the campaign promise of the NDC to reduce the high cost of fuel and its attendant impact on the standard of living of the Ghanaian.