No New Taxes in 2025 Budget – Deputy Finance Minister-Designate Assures Ghanaians
Accra, March 5, 2025 – Deputy Finance Minister-designate, Thomas Nyarko Ampem, has assured Ghanaians that the government will not introduce new taxes in the upcoming 2025 Budget Statement and Economic Policy, despite concerns raised by the Minority.
Addressing claims that the government intends to impose new taxes to generate GH¢200 billion in revenue, Nyarko Ampem dismissed these fears, emphasizing that the government’s strategy will focus on expanding the tax base and improving compliance rather than imposing additional levies.
Government’s Focus on Tax Compliance
Speaking in an interview, Nyarko Ampem stressed that Ghana can increase revenue collection without burdening citizens with new taxes.
“The Finance Minister has said this many times—we do not need to introduce new taxes to rake in more revenue. We are going to broaden the tax base and enhance compliance. And you will hear a lot of this in the budget when it is presented,” he assured.
Maximizing Economic Rent from Industries
The Deputy Finance Minister-designate also underscored the importance of optimizing revenue from Ghana’s industries, especially given the country’s limited access to international bond markets.
“As a country, we are not taking full advantage of the economic rent we are supposed to generate from the exploitation of industries. Because we have been denied access to the international bond market, we must do two things—enhance revenue collection and manage expenditure efficiently,” he explained.
Budget Presentation on March 11
With the 2025 budget set to be presented in Parliament on March 11, Nyarko Ampem assured that the government’s focus will be on domestic revenue mobilization while avoiding additional financial burdens on citizens.
“We are committed to ensuring that our revenue generation strategies do not impose undue hardship on Ghanaians. This budget will focus on practical solutions to economic challenges without introducing new taxes,” he stated.
The upcoming budget is expected to outline key measures for economic recovery, fiscal discipline, and improved public revenue management.
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