In a heated parliamentary debate, the Minority Leader, Alexander Afenyo-Markin, strongly criticized the Finance Minister’s decision to abolish tax exemptions for the private sector, arguing that the move would stifle business growth and hinder job creation.

He emphasized that tax exemptions are essential for economic expansion, as they provide businesses with more disposable income to reinvest, scale up operations, and create employment opportunities.

According to the Minority Leader, the Finance Minister’s failure to offer alternative incentives shows a lack of understanding of the private sector’s needs.

Rather than eliminating tax exemptions, he urged the government to introduce strict monitoring mechanisms to prevent abuse while ensuring transparency and accountability.

This, he argued, would allow businesses to continue benefiting from exemptions without compromising revenue collection.

The debate underscored concerns that the Finance Minister's budget statement overlooked the critical role of tax incentives in supporting private sector competitiveness.

Many business leaders have echoed the Minority Leader’s stance, warning that removing exemptions could make it harder for companies to sustain operations and expand.

 

As the government weighs its next steps, it remains to be seen whether it will reconsider its position or implement alternative measures to support private sector growth.