Deputy Finance Minister-designate Thomas Nyarko Ampem has pledged that the administration will not impose new taxes in the 2025 budget, despite the Minority’s worries.
The Minority had stated that the government intended to levy new taxes to collect approximately 200 billion cedis this year.
However, Nyarko Ampem dismissed these worries, claiming that the government’s priority will be to improve tax compliance and broaden the revenue base rather than imposing new charges.
“The Finance Minister has stated several times that we do not need to impose new taxes to increase income. We intend to broaden the tax base. We are truly going to improve compliance. And you’ll hear a lot of this when the budget is delivered. “And you will see.”
He also emphasised the importance of Ghana maximising its economic rent from industries, given the country’s limited access to foreign bond markets.
The speaker suggested that the country is not reaping the economic benefits of utilising industry to produce cash. To be honest, because we have been denied access to the international bond market, we must do two things: increase revenue and manage expenditure,” he explained.
Nyarko Ampem emphasised that the budget, which is scheduled to be submitted to Parliament on March 11, will focus on increasing domestic income mobilisation without burdening residents with new levies.
