'We Won't Introduce New Taxes in Upcoming Budget' - Deputy Finance Minister-Designate

Accra, Ghana - 05 March, 2025 - Ghana's government has moved to allay fears of new taxes being introduced in the upcoming budget, despite concerns from the opposition Minority that additional levies could be imposed to generate 200 billion cedis in revenue this year.

Deputy Finance Minister-designate Thomas Nyarko Ampem has reassured that the government will instead focus on improving tax compliance and expanding the tax base to boost revenue. This approach, he emphasized, will not involve introducing new taxes, but rather enhancing existing revenue streams.

"The Finance Minister has said this many times—we do not need to introduce new taxes to rake in more revenue," Nyarko Ampem explained.

The government's strategy is also driven by the need to maximize economic rent from industries, given Ghana's limited access to international bond markets. Nyarko Ampem noted that the country must enhance revenue and manage expenditure, as it has been denied access to the international bond market.

"We will 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,'' he added.

The budget is set to be presented to Parliament on March 11 by the Finance Minister, Dr. Cassiel Ato Forson and will prioritize strengthening domestic revenue mobilization without imposing new taxes on citizens, according to Nyarko Ampem.

Source: Lead News Online