IBAG President Critiques VAT and Regulatory Burdens in Meeting with Deputy Bawumia
The Insurance Brokers Association of Ghana's president outlined VAT concerns and regulatory pressures at a key Accra meeting with the Vice President's office.
Accra-based insurance sector stakeholders gathered yesterday in Accra to hear IBAG leadership dissect mounting operational challenges. Dr Mahamudu Bawumia, the Vice President, shared assessment of proposed tax reforms and regulatory framework adjustments affecting insurance brokerage operations across Ghana.
Key discussions centered on the sector's disproportionate tax load, with stakeholders arguing current VAT arrangements place undue strain on small and medium brokers. Persistent delays in licensing processes placed top on IBAG's agenda alongside licensing fees and insurance audit requirements that increasingly burden firms.
Bawumia affirmed proposals presented possess strong policy rationale and future viability. He emphasized potential to revitalize insurance brokerage practices through targeted sector interventions aiming at enhanced service delivery and stakeholder confidence throughout Ghana.
IBAG representatives noted ongoing advocacy efforts targeting Ministry of Finance representatives and Ghana Revenue Authority officials. The association signaled intent to sustain engagement on tax policy refinement ahead of forthcoming budget considerations impacting local brokerage firms significantly.
