The Ashanti Business Owners Association says it expects hard times for businesses in 2023.
Executive Secretary of the Association Charles Kusi Appiah who said this in an interview with Sena Nombo on the Gold Morning Conversation was reacting to the contents of the 2023 budget.
Charles Kusi Appiah was particularly concerned with the 2.5 percentage points increase in the VAT rate.
According to him the announcement was surprising as businesses who were part of the pre-budget consultation process, told government about the struggles they were going through to pay current rates because of low sales and increases in their costs.
He revealed that some businesses are using their working capital to pay taxes and feared the announcement by government would spell doom for a lot of businesses.