Deputy Finance Minister-designate, Thomas Nyarko Ampem, has assured Ghanaians that the government will not introduce new taxes in the upcoming budget, despite claims by the Minority that new levies will be imposed to generate GHC 200 billion in revenue this year.
Dismissing these concerns, Nyarko Ampem emphasized that the government’s focus is on broadening the tax base and enhancing compliance rather than burdening citizens with additional taxes.
Speaking ahead of the budget presentation, he stated:
“The Finance Minister has said this many times—we do not need to introduce new taxes to rake in more revenue. We are going to broaden the tax base. We are actually going to enhance compliance. And you will hear a lot of this in the budget when it is presented. And you’ll see.”
With Ghana facing restricted access to international bond markets, the government is seeking alternative ways to maximize revenue from industries and improve domestic resource mobilization.
“In fact, he hinted that as a country, we are not taking advantage of the economic rent that we are supposed to generate revenue from through the exploiting of industry… To be honest with you, because we have been denied access to the international bond market, we have to do two things—enhance revenue and also manage expenditure,” he added.
The 2025 Budget Statement and Economic Policy, scheduled to be presented to Parliament on March 11, will outline key revenue-enhancing measures without introducing new taxes.
Meanwhile, Finance Minister Dr. Cassiel Ato Forson has also reaffirmed the government’s commitment to addressing economic challenges by incorporating key recommendations from the National Economic Dialogue into the upcoming budget.
Describing the final communiqué from the dialogue as his “Bible” for shaping economic reforms, he emphasized the importance of unity in addressing Ghana’s economic issues.
“Most of the presentations actually feed into the first presentation I made. It clearly shows the connections and understanding that together we understand the situation and the problems of this country. What is left is the resolve to come together and to fix it.”
Dr. Forson acknowledged that while identifying solutions is important, effective implementation remains the biggest challenge. He stressed that public support is crucial for the success of government policies.
“Implementation is the challenge; we can only implement as a government if we get the buy-in of the citizens.”
With the budget set to be presented on March 11, he assured participants that many of their concerns will be reflected in the government’s economic policies.
“Most of the concerns you’ve raised, you’ll begin to see them in the budget.”
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