Businesses threatened Under “Unfavourable” Banking reform and Cutthroat taxes

Major business in Ghana are complaining about the draconian regime of the clampdown on banks and high taxes killing their businesses.

Whatsup News can report that two of these businesses: Unilever Ghana and MultiChoice Ghana are currently struggling with their bottom-line due to the unfavourable economic climate in Ghana.  

Unilever recently discloses that its distributors were finding it increasingly difficult to trade particularly after the banking and financial sector reforms that have cost the jobs of thousands of people and their extended dependants.

From  excerpts of an email from Unilever published by Joy FM a few days ago, the retail trading firm said, “many distributors finding it increasingly difficult trading.”

The email noted the “economic climate in Ghana has seen a slow-down especially in trading conditions particularly after the banking sector reforms which began in Q4 2018.”

This negative outlook for Unilever contradicts their earlier high hopes for Ghana as it officially opened three new factory plants at its Tema factory site.

It said the new factory was part of its commitment to sustained socioeconomic contribution to Ghana’s economy. 

Meanwhile, cable TV operator MultiChoice which owns DSTV and operates in several other African countries has decried the high taxes on services in Ghana.

In response to an aggrieved customer who noted how significantly affordable DSTV services were in Nigeria compared to Ghana, the company explained: “Ghana pays 24.55 % tax on every subscription (VAT + Communications Service Tax). Whilst in Nigeria, the tax on subscription is 5%. These are but a few reasons why DSTV prices are different from other countries.”

Whatsup News gathered that some DSTV subscribers in Ghana have found a way to enjoy their cable network by paying subscription rates valued by Nigerian prices.