Dr. Cassiel Ato Forson, the Minister of Finance is expected to present the 2025 budget statement on the floor of parliament today.
The 2025 budget statement has been described by Godwin Edudzi Tameklo, the acting Chief Executive Officer of the National Petroleum Authority as a budget that will clearly blow the minds of Ghanaians.
According to Edudzi Tameklo, the details that he is privy to suggest Mahama means exactly what he said on campaign platforms.
He added that Ghanaians should remember that the 2025 budget is President Mahama’s budget which the finance minister only reads on his behalf.
The major talking point of some Ghanaians is the removal of several controversial taxes, including the Electronic Transfer Levy (E-Levy), the COVID-19 Health Levy, and the Betting Tax.
The removal of these taxes in today’s budget reading is expected to provide relief to mobile money users, businesses, and folks involved in online betting.
Meanwhile, a survey by auditing and accounting firm, KPMG has revealed the John Mahama government will lose GH¢6.4 billion if the E-levy and Covid tax is scrapped tomorrow in the 2025 budget reading.
“KPMG notes that abolishing the E-levy and Covid-19 levy could result in a revenue shortfall of at least GH¢6.4 billion”.
“Beyond the revenue measures proposed by respondents, the government should also leverage technology to enhance property rate administration and collection, as well as review taxation within the digital and e-commerce sectors.
However, Felix Kwakye Ofosu, the Minister of State for Government Communications has revealed the John Mahama government is on course to scrap E-Levy, COVID Levy in the 2025 budget.
John Mahama’s 120-day Social Contract listed the removal of the E-Levy, the COVID levy, a 10% tax on bet winnings, and the emissions levy all within the administration’s first 90 days in government.
Speaking to journalists in Accra on Monday, Kwakye Ofosu stated, “The finance minister has clearly indicated that we are on course to meeting those promises. So when on Tuesday he unveils the details of his budget, you will find that we have kept faith with the people of Ghana regarding the specific promises we made in the 120-day social contract,” Ofosu stated.
Addressing concerns about the Ghana Cedi depreciation, he added, “In terms of the currency, the finance minister will highlight measures both within the long term and medium term to address the financial weaknesses within our economy, one of which is rapid currency depreciation.
“In concert with development partners and other stakeholders within the economy, appropriate measures will be prescribed for addressing this perennial challenge of currency depreciation”, he emphasised.
