{"id":183984,"date":"2024-05-20T10:29:34","date_gmt":"2024-05-20T10:29:34","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/05\/20\/cedi-depreciation-high-taxes-forcing-private-companies-to-increase-products-theophilus-djorbuah\/"},"modified":"2024-05-20T10:29:34","modified_gmt":"2024-05-20T10:29:34","slug":"cedi-depreciation-high-taxes-forcing-private-companies-to-increase-products-theophilus-djorbuah","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/05\/20\/cedi-depreciation-high-taxes-forcing-private-companies-to-increase-products-theophilus-djorbuah\/","title":{"rendered":"Cedi depreciation, high taxes forcing private companies to increase products \u2013 Theophilus Djorbuah \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p id=\"article-123\">Theophilus Djorbuah, Commercial Manager of Yara Ghana Limited, has urged the government of Ghana to take strategic measures to curb increasing taxes and the depreciation of the cedi to relieve private companies.<\/p>\n<p>Appealing to the government, he said there was an urgent need for the government to implement policies that would help reduce the importation of goods and services into the country as it contributes to the depreciation of the cedi.<\/p>\n<p>According to him, the only way the Ghanaian cedi can compete with other foreign currencies is when Ghana exports more goods than it imports. He said the continuous existence of these challenges severely affects the private sector in terms of production and employment.<\/p>\n<p>Theophilus Djorbuah emphasized the need for the government to address these issues as they are hurting the private sector, which could even lead to the collapse of some businesses.<\/p>\n<p>He continued that companies that produce for the market have no option but to increase the prices of their products, and this, in turn, affects consumers as they all complain bitterly.<\/p>\n<p>Another matter of concern he raised was the high taxes most private companies are forced to pay. He said these \u201ckiller taxes\u201d sometimes force companies to shut down or lay off their employees.<\/p>\n<p>He further revealed that the non-availability of raw materials for production in the country usually forces production companies to import, adding that huge VAT and other levies placed on these imported raw materials force these companies to also increase the prices of their goods.<\/p>\n<p>Theophilus Djorbuah made this call when Yara Ghana Limited, producers of Activa, Sulphan, Asaase Wura, etc., was launching a new product called \u201cYaraVita Croplift Bio\u201d at Ejura in the Ashanti Region.<\/p>\n<p>He was responding to a farmer who had praised the company for always producing quality but expressed concern about the high prices of their products on the market.<\/p>\n<p>Mr. Djorbuah, responding to the question, said it was the wish of the company to always produce quality but affordable products for the market.<\/p>\n<p>However, he declared that the company\u2019s commitment to helping Ghanaian farmers produce quality for the nation was high.<\/p>\n<p>He urged the government to expedite actions to end the grief of private companies due to high production costs and taxes.<\/p>\n<p>Meanwhile, former MP for the Ejura Constituency and CEO of PEE Farms, Issifu Pangabu Mohammed, also urged the government to subsidize farm inputs and remove numerous taxes to make farming attractive.<\/p>\n<p>According to the former MP, it was very worrying that most youths do not want to get involved in farming due to how expensive it has become.<\/p>\n<p><strong>Source:\u00a0<\/strong>Nana Peprah<\/p>\n<p><!-- CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Theophilus Djorbuah, Commercial Manager of Yara Ghana Limited, has urged the government of Ghana to take strategic measures to curb increasing taxes and the depreciation of the cedi to relieve private companies. Appealing to the government, he said there was an urgent need for the government to implement policies that would help reduce the importation [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":183985,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-183984","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cedi depreciation, high taxes forcing private companies to increase products \u2013 Theophilus Djorbuah \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/05\/20\/cedi-depreciation-high-taxes-forcing-private-companies-to-increase-products-theophilus-djorbuah\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cedi depreciation, high taxes forcing private companies to increase products \u2013 Theophilus Djorbuah \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Theophilus Djorbuah, Commercial Manager of Yara Ghana Limited, has urged the government of Ghana to take strategic measures to curb increasing taxes and the depreciation of the cedi to relieve private companies. 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