President John Dramani Mahama has signed into law a comprehensive package of tax and financial reforms designed to reshape Ghana’s economy, enhance fiscal management, and provide relief to citizens.
The newly assented bills mark a significant overhaul of Ghana’s tax framework, fulfilling Mahama’s campaign promise to alleviate the financial burden on Ghanaians.
Key Bills Signed Into Law:
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Electronic Transfer Levy (E-Levy) Repeal Bill 2025: Abolishes the controversial 1% tax on electronic transactions, a relief welcomed by businesses and individuals.
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Emissions Levy Repeal Bill: Removes taxes perceived as burdensome on vehicle owners and industries.
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Value Added Tax (VAT) Amendment Bills: Introduces changes aimed at fostering economic growth and market adaptability.
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Income Tax Amendment Bill 2025: Provides tax relief, eliminates the betting tax, and simplifies compliance.
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Petroleum Revenue Management Amendment Bill 2025: Ensures more efficient allocation of petroleum revenues.
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Public Financial Management Amendment Bill: Strengthens fiscal responsibility and government transparency.
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Earmarked Funds Capping and Realignment Bill: Streamlines fund allocations for greater fiscal efficiency.
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Energy Sector Levy Act: Revises levies to encourage sustainable practices and investments.
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Gold Board Bill 2025: Introduces regulatory reforms for gold production and revenue management.
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Growth and Sustainability Levy Act: Supports sustainable economic growth.
The Finance Ministry has expressed optimism that these reforms will spur economic activity, reduce the tax burden on citizens, and foster compliance. Industry experts predict increased investments and a more stable economy.
President Mahama’s decision underscores his administration’s commitment to addressing economic challenges and supporting Ghanaian livelihoods.
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