The ICU has urged the Bank of Ghana to lower the corporate tax on rural banks, citing it negatively impacts operations. Additionally, concerns regarding locked-up funds and the financial status of the Produce Buying Company were raised, calling for government intervention to ensure their sustainability.
The Industrial and Commercial Workers Union (ICU) has urgently requested the Bank of Ghana to reduce the 25 percent corporate tax levied on rural and community banks. This tax has significantly increased the operational costs of these banks, subsequently leading to substandard service delivery. ICU General Secretary Morgan Ayawine made these remarks during a meeting in Tamale, Northern Region, before the upcoming National Quadrennial Delegates Conference in August.
In summary, the ICU emphasizes the critical need for the Bank of Ghana to reevaluate the 25 percent corporate tax, as it hampers rural and community banks’ effectiveness and sustainability. Furthermore, the release of locked-up funds and financial support for the Produce Buying Company are essential for revitalizing these institutions and ensuring they can better serve their communities.
Original Source: 3news.com
