Government Scraps Controversial Taxes to Boost Economic Growth
In a move aimed at easing the financial burden on individuals and businesses, Finance Minister Dr. Cassiel Ato Forson announced the abolition of several contentious taxes during the presentation of the 2025 Budget Statement in Parliament. Apexnewsgh reports The taxes slated for removal include the 10% withholding tax on lottery winnings, commonly known as the Betting Tax, and the 1% Electronic Transfer Levy (E-Levy) on electronic transactions. Dr. Forson declared, “We will abolish the 10% withholding tax on winnings from the lottery, otherwise known as the Betting Tax; we will abolish the Electronic Transfer Levy (E-Levy) of 1%.” Additionally, the government plans to scrap the Emissions Levy on industries and vehicles, as well as the Value-Added Tax (VAT) on motor vehicle insurance policies. Dr. Forson emphasized that these measures are designed to support economic activity and reduce the cost of doing business. Other tax cuts include the removal of the 1.5% withholding tax on the sale of unprocessed gold by small-scale miners. This move is expected to provide relief to the mining sector and stimulate economic growth. Dr. Forson assured Parliament that these tax cuts are part of a broader strategy to create a more business-friendly environment and promote economic growth. With these changes, the government aims to make Ghana a more attractive destination for businesses and investors. Source: Apexnewsgh.com
Ghana Moves Closer to 24-Hour Economy with New Policy
Finance Minister Dr. Cassiel Ato Forson announced that the government’s proposed 24-hour economy policy will soon be presented to Parliament. Apexnewsgh reports This key initiative, led by the Mahama-led National Democratic Congress (NDC) government, aims to encourage businesses to operate around the clock, driving sustainable economic growth and creating jobs. Dr. Forson emphasized the government’s commitment to implementing the 24-hour economy, highlighting its potential to maximize the use of infrastructure and resources while increasing productivity across key sectors. This initiative aligns with the administration’s broader agenda of enhancing economic opportunities and ensuring inclusivity in employment. To ensure a smooth rollout, the government plans to offer incentives to businesses willing to operate beyond traditional working hours. These incentives may include tax breaks and reduced electricity tariffs for companies that adopt the 24-hour economy model. The 24-hour economy policy is expected to be a catalyst for industrial expansion and investment, with the potential to increase Ghana’s real GDP growth by 31.71% over the next decade. Dr. Forson urged Parliament to support the initiative, emphasizing the need for collaboration between the public and private sectors to ensure its success. As the government moves forward with the 24-hour economy policy, Ghanaians can expect a comprehensive framework outlining the details of the policy to be presented to Parliament for further deliberation. Source: Apexnewsgh.com
Government Delivers Over 20 Promises: Finance Minister Reports Progress
Finance Minister Dr. Cassiel Ato Forson proudly announced that the government has fulfilled 21 promises made since assuming office on January 7. Apexnewsgh reports Presenting the 2025 Budget and Economic Policy on March 11, Dr. Forson highlighted the administration’s progress in various areas. Key Achievements: Lean Government: The government has successfully reduced its ministerial appointments to 60, promoting efficiency and effectiveness. Tax Reforms: The E-Levy and Betting (winnings) tax have been scrapped, providing relief to citizens and businesses. Education: Academic fees for first-year public tertiary students have been eliminated, and free tertiary education is now available for People With Disability. Healthcare: Free Primary Healthcare has been delivered, and the Mahama Cares programme is financing treatment for non-communicable diseases. Infrastructure Development: The US$10 billion Big Push Programme is underway, accelerating infrastructure development. Good Governance: The government has initiated a Constitution Review process and is working to recover looted state funds through Operation Recover All Loot. Dr. Forson’s announcement demonstrates the government’s commitment to fulfilling its campaign promises and improving the lives of Ghanaians. As the country moves forward, it is essential to recognize progress and continue working towards a brighter future. Source: Apexnewsgh.com
Full Text: 2025 Budget and Economic Policy presented by Finance Minister
2025 BUDGET SPEECH PRESENTED BY DR. CASSIEL ATO FORSON, MP MINISTER FOR FINANCE Ministry of Finance 11th March, 2025 1 BUDGET SPEECH SECTION ONE: INTRODUCTION 1. Right Honourable Speaker, on the authority of His Excellency the President, John Dramani Mahama and pursuant to Articles 179 and 180 of the 1992 Constitution of the Republic of Ghana, and sections 21 and 23 of the Public Financial Management Act, 2016 (Act 921), I respectfully present to this august House the Budget Statement and Economic Policy of Government for the 2025 Financial Year. 2. Today marks a moment of great significance and I have the singular honour to stand before this House to present, on behalf of His Excellency President John Dramani Mahama, following his extraordinary mandate, the maiden budget of his new administration. 3. I am deeply grateful to His Excellency the President for entrusting me with this responsibility. 4. Mr. Speaker, I beg to move that this House approves the Financial Policy of Government for the year ending 31st December 2025. 2 5. Respectfully, I also submit to this august House the following statutory reports as required by law: i the 2024 Annual Report on the Petroleum Funds, in line with Section 48 of the Petroleum Revenue Management Act, 2011 (Act 815), as amended; ii the 2024 Energy Sector Levies Report, in accordance with Section 6 of the Energy Sector Levies Act, 2015 (Act 899); and iii the 2024 Annual Report on collection and utilisation of African Import Union Levy in line with Section 7 of the African Union Import Levy Act, 2017 (Act 952). 6. Mr. Speaker, with this Budget, I will also be seeking a review of the following Acts to support the policies of government aimed at stabilizing the economy and promoting inclusive growth: i Petroleum Revenue Management Act, 2011 (Act 815); ii Ghana Infrastructure Investment Fund Act, 2014, (Act 877); iii Minerals Income Investment Fund Act, 2018 (Act 978); 3 iv Energy Sector Levies Act, 2015, (Act 899); v Ghana Cocoa Board Act, 1984, PNDCL 81 (and its amendment); vi Earmark Funds Capping and Realignment Act, 2017 (Act 947); vii Public Procurement Authority Act, 2003 (Act 663) as amended with Act 914; viii Ghana Education Trust Fund (GETFund) Act, 2000 (Act 581); ix Fiscal Responsibility Act, 2018 (Act 982) and incorporate into a comprehensive Public Financial Management Act; and x Revenue Administration Act, 2016 (Act 915). 7. Mr. Speaker, we remain committed to the pursuit of our 24-Hour Economy policy aimed at stimulating economic growth and job creation. This policy will contribute to addressing Ghana’s structural economic challenges by creating an integrated, efficient and increasingly export-driven industrial economy that fully utilises our national resources, capital and labour power. 4 8. We will be presenting the 24-Hour Economy policy to Parliament in due course. In this respect, the Labour Act, the Ghana Investment Promotion Centre Act and other enabling legislations will be reviewed. 9. Mr. Speaker, as part of efforts to stabilise the Cedi through foreign exchange and gold reserve accumulation, I will also submit a Bill to provide a legal framework for the establishment of the Ghana Gold Board for the consideration of this Honourable House. 10. Mr. Speaker, this Budget Speech is an abridged version of the 2025 Budget Statement and Economic Policy of Government. 11. I respectfully request the Hansard Department to capture the entire Budget Statement and Economic Policy of Government for the year ending 31st December 2025. 12. Mr. Speaker, standing here evokes a sense of nostalgia as I reflect on my journey in public service. From my early days as a young parliamentarian in 2009, destiny has guided my path—from a backbencher and a member of the Finance Committee, to Deputy Minister for Finance, to Ranking Member of the Finance Committee, to Minority Leader,to Majority Leader and now, Minister responsible for Finance. 5 13. The invaluable experience I gained in this chamber has shaped my perspective, sharpened my focus, and prepared me for the task at hand. I fully commit to supporting the President to fix the economy. 14. I take this opportunity to extend my profound gratitude to the people of Ajumako Enyan Essiam, and to Mr. Speaker and members of this House, for your unwavering support throughout the years. 15. Mr. Speaker, this esteemed House is a sanctuary of rigorous debate, principled cooperation, and at times, constructive disagreement—all in the pursuit of the greater good of our beloved country. 16. I look forward to working with you, the Right Honourable Speaker, and my colleagues on both sides of the aisle, to reset Ghana’s economy through sound policy and structural reforms that will propel our nation forward. 17. Mr. Speaker, there comes a time in a nation’s history when fundamental challenges must be confronted, difficult choices must be made, and a new course must be set for the future. 18. For Ghana, that defining moment is now! 19. President John Dramani Mahama made a commitment 6 to reset Ghana for jobs, accountability and prosperity for all, as captured in the NDC Manifesto. In this regard, the theme for this budget is “Resetting the Economy for the Ghana we Want”. 20. Mr. Speaker, the democratic ideals we tirelessly fought for, are being hailed. Our democracy has been consolidated with yet another peaceful transition of power. 21. That notwithstanding, our youth face an uncertain future with growing unemployment and hopelessness. This suggests that the dividends of democracy, such as economic prosperity and social justice, remain elusive. 22. Mr. Speaker, the choices before us are clear: we can either continue on a path of self-destruction by not confronting the problems or we can embark on a journey of fundamental reforms and transformation— one that resets our economic model, redefines our priorities, honours our social contract and provides opportunities for all. 23. Mr. Speaker, President Mahama has chosen the path of reforms and transformation. He will fix the economy. He will restore hope. And lead us to build the Ghana we want together. 7
Economic Revival on the Horizon: President Mahama to Restore Hope
Finance Minister Dr. Cassiel Ato Forson has expressed confidence in President John Dramani Mahama’s ability to restore hope and prosperity. Apexnewsgh reports Presenting the 2025 budget statement, Dr. Forson assured that President Mahama is taking concrete steps to address the economic challenges inherited by his administration. The Mahama administration has inherited an economy deep in crisis, burdened by debt. However, Dr. Forson remains optimistic about the future, stating, “He will fix the economy, restore hope, and build the Ghana we want.” To achieve this, the government has pledged to comply with the public procurement process, linking it to the approved budget. Dr. Forson emphasized, “We will respect the limit of the appropriations as approved by Parliament.” Additionally, the Finance Minister announced plans to present the 24-hour economy policy to Parliament in due course. This initiative aims to boost economic productivity by encouraging businesses to operate around the clock. With these measures in place, the government is poised to drive economic growth, create jobs, and foster sustainable development. As Dr. Forson noted, the success of these initiatives will depend on collaboration between the public and private sectors. Source: Apexnewsgh.com
Parliamentary Approval: Finance Minister Vows to Respect Budget Limits
Finance Minister Dr. Cassiel Ato Forson has pledged that the Mahama administration will adhere to the public procurement process and link it to the approved budget. Apexnewsgh reports Presenting the 2025 budget statement to Parliament on Tuesday, March 11, Dr. Ato Forson emphasized that the government will respect the limits of appropriations as approved by Parliament. The Finance Minister also expressed confidence in President John Dramani Mahama’s ability to restore hope in the economy. “He will fix the economy, restore hope, and build the Ghana we want,” Dr. Ato Forson stated. However, he acknowledged that the Mahama administration inherited an economy deep in crisis and heavily indebted. In addition to addressing the economic challenges, the government plans to present the 24-hour economy policy to Parliament in due course. This move aims to boost economic activity and create more opportunities for Ghanaians. Dr. Ato Forson also revealed that the government owes road contractors a staggering 100 billion Cedis, highlighting the need for prudent financial management. As Ghana navigates its economic challenges, the government’s commitment to transparency and responsible financial management is crucial. With the 2025 budget presentation, stakeholders expect a clear roadmap for economic recovery and growth. According to the African Development Bank Group, Ghana’s economy is projected to grow by 4.3% in 2025, driven by industry and services. Source: Apexnewsgh.com
NDC Government Vows No “Draconian” Taxes in 2025 Budget
Ghanaians can breathe a sigh of relief as the Acting Managing Director of Precious Minerals Marketing Company, Sammy Gyamfi, has reassured the nation that President John Dramani Mahama’s government will not impose harsh taxes. Apexnewsgh reports This commitment comes ahead of the highly anticipated 2025 budget presentation by Finance Minister Cassiel Ato Forson, scheduled for Tuesday, March 11. Describing the upcoming budget as a “budget of hope,” Gyamfi emphasized its focus on alleviating hardships and creating jobs for all citizens, regardless of political affiliation. The NDC government is dedicated to resetting the country’s economy, and this budget is expected to demonstrate that commitment. Stakeholders anticipate that the NDC administration will fulfill its promise to scrap taxes such as the betting tax, E-Levy, and COVID-19 levy. Gyamfi’s assurance that the budget will not introduce any draconian taxes has provided a sense of relief, as the previous government’s tax policies were widely criticized. As Ghana’s economy is projected to grow at a slower pace in 2025, with a forecasted real GDP growth rate of 3.6%, the government’s commitment to job creation and economic growth is crucial. The World Bank has also predicted that Ghana’s economy will recover to its potential growth by 2025, driven by industry and services. With the budget presentation just around the corner, Ghanaians eagerly await the government’s plan to steer the economy toward growth and prosperity. Source: Apexnewsgh.com
2025 Budget to Expose Previous Government’s Economic Mismanagement
Ghana’s Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, has revealed that the 2025 budget will shed light on the economic mismanagement of the previous NPP government. Apexnewsgh reports Speaking ahead of the budget presentation, Armah-Kofi Buah expressed concerns about the economic crisis inherited from the former administration, citing severe financial downturns that will be reflected in the new budget. According to Armah-Kofi Buah, the NPP’s mismanagement has left the country in a dire financial state. “This budget is going to confirm to the people of Ghana the hole that has been created,” he stated. However, he also emphasized the new administration’s commitment to steering the country toward economic recovery. The 2025 budget is expected to not only detail the current financial difficulties but also outline a clear path toward revitalization and growth. Armah-Kofi Buah assured Ghanaians that the budget will provide a plan for prosperity and hope in the coming years. As Ghana navigates its post-election economy, decisions made in the coming months will determine the country’s long-term economic trajectory. Ghana’s economy is projected to grow at a slower pace in 2025, with a forecasted real GDP growth rate of 3.6%. The World Bank has also predicted that Ghana’s economy will recover to its potential growth by 2025, driven by industry and services. Source: Apexnewsgh.com
NPP Government Left a Buoyant Economy, NDC Told
A war of words has erupted between the National Democratic Congress (NDC) and the New Patriotic Party (NPP) over the state of Ghana’s economy. Apexnewsgh reports Nhyiaeso Lawmaker Dr. Stephen Amoah has rejected claims by the NDC that the previous NPP government left a collapsed economy. Instead, he argues that the NPP handed over a thriving economy, citing the impressive 5.7% GDP growth rate in 2024. Dr. Amoah has challenged the Finance Minister to disclose the growth inherited from the NPP and outline plans to sustain and improve it. “We did not leave a comatose economy for them to manage,” he emphasized, urging the NDC government to build on the foundations laid by the NPP. He also cautioned against presenting a politically motivated budget, advocating for holistic decisions that prioritize sustainability. Echoing Dr. Amoah’s sentiments, Member of Parliament for Tano North, Dr. Gideon Boako, noted that the NPP left behind an economy worth GHS 1.2 trillion, according to data from the Ghana Statistical Service. Dr. Boako expects the Finance Minister to acknowledge this achievement and outline plans to build on the progress made by the previous administration. The recent GDP figures indicate that Ghana’s economy expanded by 5.7% in 2024, with growth slowing to 3.6% in the fourth quarter. Despite this, experts predict a positive medium-term growth outlook, with GDP growth projected to rise to 4.3% in 2025. Source: Apexnewsgh.com
NDC Government Vows to Stabilize Economy with 2025 Budget
As the 2025 Budget presentation approaches, General Secretary of the National Democratic Congress (NDC), Fifi Fiavi Kwetey, has reassured Ghanaians that the budget will prioritize policies to stabilize the country’s economy. Apexnewsgh reports He emphasized that the NDC government is committed to implementing realistic policies to alleviate the hardships faced by Ghanaians. According to Kwetey, President Mahama is dedicated to achieving sustainable development, demonstrating the NDC government’s superiority over the previous NPP administration. Kwetey stressed that governance is not about seeking applause, but rather about making decisions that promote sustainable development. Kwetey expressed confidence that the upcoming budget will mark the beginning of a new era of stability, enabling the country to develop in a way that showcases the NDC government’s effectiveness. This statement comes as Ghana’s economy is projected to grow at a slower pace in 2025, with a forecasted real GDP growth rate of 3.6%. The World Bank has also predicted that Ghana’s economy will recover to its potential growth by 2025, driven by industry and services. As the government prepares to present the 2025 budget, stakeholders anticipate measures to address revenue shortfalls, rationalize taxation, and create a more business-friendly environment. Source: Apexnewsgh.com