General News of Sunday, 1 May 2022Source: www.ghanaweb.comPresident Akufo-Addo addresses labour on May Day celebrationGovt to miss out on GH¢4bn in revenue if petroleum taxes are removed - Akufo-AddoLabour unions agitate over working conditionsPresident Nana Addo Dankwa Akufo-Addo has expalined why it will not be prudent for government to remove taxes on petroleum products. This comes after prices of petroleum products selling at the pumps have increased significantly since the start of this year with consumers and the general population calling on government to remove some taxes. He added that the government was currently faced with very tight fiscal and financing conditions, and revenue generation constraints, hence removing taxes on petroleum taxes will worsen the current conditions. “Government is also working hard to ensure reliable supply and availability of petroleum products, thereby preventing shortages, a phenomenon which is being experienced in some other neighbouring countries. We, therefore, continue to be vulnerable to the price volatilities of the world market for petroleum products,” he added.

Source: GhanaWeb May 02, 2022 04:41 UTC