Professor Lord Mensah, an economist and finance lecturer at the University of Ghana Business School, expects the 2025 budget to be restrained. The government has signaled its intention to curb expenditures while eliminating several taxes.
“With the signals provided by the government, we can anticipate a conservative budget—one that carefully moderates spending without neglecting essential needs but remains measured in expenditure appropriations,” Prof. Mensah stated.
Key tax measures expected to be abolished include the COVID-19 levy, the betting tax, and the electronic transfer levy (e-levy). Additionally, Deputy Finance Minister-designate Thomas Ampem Nyarko has assured that no new taxes will be introduced in the upcoming budget.
Finance Minister Dr. Cassiel Ato Forson has outlined a strategy centered on reducing wasteful expenditures and prioritizing domestic revenue generation.
He also assured that recommendations from the recent National Economic Dialogue will be incorporated into the 2025 budget to ensure a sustainable fiscal path.
Businesses and investors will closely monitor the government’s fiscal consolidation measures as the country works toward economic recovery while maintaining adequate funding for essential public services.
Credit: City News
