There will be no increase in VAT – Finance Minister

Finance Minister Ken Ofori-Atta has told parliament categorically that there will not be any increase in Value Added Tax (VAT) as widely speculated.

It had been reported by some media houses that the government intended increasing VAT from 17.5% to 21.5%.

The speculation was sparked by Mr Gabby Asare Otchere-Darko, nephew to President Nana Akufo-Addo, on social media.

The Minority in Parliament and the main opposition National Democratic Congress took issue with the government over the speculation and vowed to fight any such tax increase.

However, Mr Ofori-Atta told parliament on Thursday, 19 July 2018 that there will be no increase in VAT. “We should stop taking policy directions for our economy from social media” – Ken Ofori-Atta advised