Ghanaians can breathe a sigh of relief as Deputy Finance Minister-designate, Thomas Nyarko Ampem, has assured the public that the government’s 2025 budget will not introduce any new taxes. This assurance comes amidst speculation by the Minority in Parliament that new levies will be imposed to raise an estimated GHC 200 billion in revenue.
Addressing these concerns, Nyarko Ampem dismissed the claims, emphasizing the government’s commitment to easing the tax burden on citizens. He explained that the government’s strategy would focus on expanding the tax net and ensuring greater compliance rather than introducing additional taxes.
Speaking ahead of the budget presentation scheduled for March 11, Nyarko Ampem reiterated:
“The Finance Minister has consistently stated that we do not need new taxes to generate more revenue. Instead, our approach will center on broadening the tax base and enhancing compliance. This will be a major theme in the budget presentation.”
With limited access to international bond markets, the government is shifting its focus to maximizing domestic revenue collection and leveraging untapped opportunities within the country’s economy. Nyarko Ampem noted:
“As a nation, we have not fully exploited our economic rent potential from industries. Given our restricted access to international bond markets, we are adopting a dual approach—enhancing revenue collection and managing expenditures effectively.”
The government’s 2025 Budget Statement and Economic Policy will highlight revenue-enhancing measures without adding new taxes, aligning with its broader economic reform agenda.
Commitment to Economic Reforms
Finance Minister Dr. Cassiel Ato Forson has also reaffirmed the government’s commitment to tackling Ghana’s economic challenges by incorporating recommendations from the recent National Economic Dialogue into the upcoming budget.
Describing the dialogue’s final communiqué as a blueprint for shaping economic reforms, Dr. Forson stressed the importance of unity in addressing the country’s pressing economic issues:
“The presentations during the dialogue showed a clear understanding of the challenges facing our economy. What remains is the collective resolve to implement solutions and fix these issues.”
Dr. Forson acknowledged that while identifying solutions is a critical step, successful implementation is the real challenge. He emphasized the importance of public support in achieving government policy goals:
“Implementation is key, but it requires the buy-in of citizens. The success of our policies depends on public cooperation and trust.”
He assured Ghanaians that the concerns and suggestions raised during the dialogue would be reflected in the 2025 budget, with the aim of fostering economic stability and growth.
As the government prepares to present the budget on March 11, expectations are high for a balanced and inclusive approach that addresses economic hardships while safeguarding the welfare of citizens.
Story by: Mercy Addai Turkson #ahotoronline.com
