Felix Kwakye Ofosu, Minister of State for Government Communications, has announced that the government will repeal the E-Levy and COVID levy in the next 2025 budget, which will be presented on Tuesday, March 11, 2025.
These policies are part of the government’s 120-day Social Contract, which contains 26 important pledges aimed at revitalising the economy and reducing residents’ financial burdens.
The commitments include the elimination of the E-Levy, the COVID levy, a 10% tax on bet winnings, and the emissions levy—all during the administration’s first 90 days in power.
Speaking to journalists in Accra on Friday, March 7, Ofosu announced plans to examine taxes and levies on cars and equipment imported for industrial and agricultural reasons.
He also emphasised the government’s aim to introduce the 24-Hour Economy Policy and implement a ‘No-Academic-Fee’ policy for all first-year students at public tertiary institutions. Furthermore, the first budget will include the formation of a Women’s Development Bank and major job creation initiatives.
“The finance minister has explicitly stated that we are on track to satisfy those promises. So, when he releases his budget specifics on Tuesday, you will see that we have honoured our promises to the people of Ghana under the 120-day social contract,” Ofosu remarked.
He also expressed concern about Ghana’s currency decline, saying:
“In terms of currency, the finance minister will highlight long- and medium-term measures to address our economy’s financial weaknesses, one of which is rapid currency depreciation.“
“In concert with development partners and other stakeholders within the economy, appropriate measures will be prescribed for addressing this perennial challenge of currency depreciation.”
The 2025 budget is planned to detail comprehensive policies targeted at economic stability and prosperity while fulfilling key campaign promises.