Economist and Finance lecturer at the University of Ghana Business School, Professor Lord Mensah, anticipates that the 2025 budget will be restrained. The government is signaling plans to moderate expenditures while scrapping multiple taxes.
“I believe that with the signal that they [government] have provided, we will see a conserved budget. A budget that expenditures will be moderated very well to the extent of not denying any essentials but then being measured as far as our expenditure appropriations are concerned,” Prof. Mensah noted.
Among the key tax measures expected to be abolished are the COVID-19 levy, the betting tax, and the electronic transfer levy (e-levy). Deputy Finance Minister-designate Thomas Ampem Nyarko has also assured that no new taxes will be introduced in the upcoming budget.
Finance Minister Dr. Cassiel Ato Forson has meanwhile outlined a strategy focused on cutting wasteful expenditure and prioritizing domestic revenue generation.
He further assured that recommendations from the recently held National Economic Dialogue will be incorporated into the 2025 budget to ensure a sustainable fiscal path.
The government’s fiscal consolidation measures will be closely monitored by businesses and investors, as the country navigates economic recovery while ensuring essential public services remain adequately funded.
