Mr. Christian Sottie, the President of the Institute of Accountants Ghana (ICAG) has said, professional accountants should value their profession and always be careful of the critical role they played in national development, and be tact in the discharge of their duties.
He was speaking at the 2017 edition of the annual presidential luncheon of the ICAG, dabbed “Government’s subsidies and market interventions; the strategic approach to economic development,” in Accra.
According to him, the presidential luncheon was established purposely to create a platform for professional accountants to interact with their employers and clients in a suitable atmosphere outside the office environment, to discuss issues of mutual and national benefits.
Speaking, Mr Sottie said, government is very much committed in creating an enabling environment for businesses to grow, and he attributed it to the various tax cuts and subsidies in the 2017 budget.
“Most of the developed economies that we admire today enjoy a lot of tax exemptions or reliefs, making the movement of goods and services cheaper and this goes a long way to determine reasonable prices of goods and services,” he emphasized.
On his part in his keynote address, the President of the Association of Ghana Industries (AGI), Mr. James Asare-Adjei said, most of the world’s successful economies were supported by government subsidies and other market interventions.
“Unfortunately, many indigenous companies do not benefit from these investment incentives and subsidies, which is a major concern,” he wailed.
“If the government subsidies local business, profits will increase, business can expand and the prospects for job creation will increase,” he stressed.
He however said, with AGI, they are with the opinion that, the abuse, misuse and lack of monitoring to ensure strict compliance with market economy interventions, such as investment incentives, could also cripple the local economy.
The presidential luncheon brought together more than 400 chartered accountants, employers, government officials, captains of industry and many participants across the length and breath of the country.
By:Sammy Adjei/Newsghana.com.gh
