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Deputy Finance Minister-designate Thomas Nyarko Ampem has assured Ghanaians that the government will not introduce new taxes in the upcoming budget, despite concerns raised by the minority in Parliament.
His statement seeks to address fears that the government intends to impose additional levies to generate an estimated GHS200 billion in revenue this year.
Speaking on the matter, Nyarko Ampem dismissed these concerns, emphasising that the government’s strategy will focus on improving tax compliance and expanding the tax base rather than introducing new taxes.
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“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. We are actually going to enhance compliance. And you will hear a lot of this in the budget when it is presented. And you’ll see,” he stated.
Nyarko Ampem also highlighted the need for Ghana to maximise its economic rent from key industries, especially in the absence of access to the international bond markets.
“In fact, he hinted that as a country, we are not taking advantage of the economic rent that we are supposed to generate revenue from through the exploiting of industry… To be honest with you, because we have been denied access to the international bond market, we have to do two things—enhance revenue and also manage expenditure,” he explained.
The deputy minister-designate stressed that the government is committed to strengthening domestic revenue mobilisation through efficient tax administration and compliance enforcement rather than burdening businesses and individuals with new levies.
With the 2024 budget set to be presented to Parliament on March 11, all eyes will be on the government’s strategies to boost revenue generation without imposing new taxes. The economic challenges facing Ghana, including limited borrowing options, make domestic revenue enhancement a critical policy direction.
Nyarko Ampem reassured Ghanaians that the budget will prioritise economic sustainability while ensuring that revenue collection is fair and effective.
As the government moves forward with its fiscal plans, stakeholders will be keenly watching how these policies unfold and their impact on economic growth and stability.
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