Dr Cassiel Ato Forson, the Finance Minister has reiterated, the Mahama government will scrap the E-levy, Emission levy, betting tax and other taxes.
According to Ato Forson, the government attempt to review the Value Added Tax system, and the government will also eventually abolish the COVID-19 levy.
Speaking during the 2025 budget reading Ato Forson stated, “Mr Speaker, we will abolish the 10% withholding tax on winnings from lottery, otherwise known as the ‘Betting Tax’; we will abolish the Electronic Transfer Levy (E-Levy) of 1%; we will abolish the Emission Levy on industries and vehicles; we will abolish the VAT on motor vehicle insurance policy; and we will abolish the 1.5% withholding tax on winning of unprocessed gold by small-scale miners”.
“Mr. Speaker, the removal of these taxes will ease the burden on households and improve their disposable incomes. In addition, it will support business growth and improve tax compliance”, he added.
Meanwhile, Dr Cassiel Ato Forson has disclosed that the Central Bank is desperately in need of a GHS53 billion bailout to address its negative equity challenge.
He made this known during a presentation of the 2025 Budget Statement and Economic Policy in Parliament on Tuesday, March 11. Dr. Ato Forson underscored the central bank’s urgent need for a substantial bailout to restore stability.
“The BoG is also seeking an amount of GHS53 billion as a bailout to be able to address the negative equity challenge, they face,” Dr. Forson stated.
He further revealed that the cocoa sector is in dire need of revival.
Dr. Ato Forson revealed to Parliament on Tuesday, March 11 that “COCOBOD’s outstanding debt stands at Ghc32 billion.”
He stressed “The cocoa sector is sadly on its knees, with unsustainable debts. Cocoa production had dropped nearly by 50 per cent over the past three years.”
The Finance Minister further said that President John Dramani Mahama will restore hope in the economy.
He says the President is taking steps to remedy the challenges in the economy.
“He will fix the economy, restore hope and build the Ghana we want,” the Finance Minister said.
The Finance Minister told Parliament that the President Mahama administration inherited an economy deep in crisis and hard hit with debts from the erstwhile Akufo-Addo government.
In the area of procurement, the Finance Minister assured that the Mahama administration will comply with the public procurement process and link them to the approved budget.
“We will respect limit of the appropriations as approved by Parliament,” he said.
Regarding the 24 Hour Economy, the Finance Minister assured that “We will be presenting the 24-hour economy policy to Parliament in due course.”
Watch the video below:
E-levy, betting tax, Covid tax and emission levy abolished by Ato Forson and the NDC. No new taxes introduced. Aban Papa Aba. NPP agu! pic.twitter.com/qo72dDcIAk
— Albert Nat Hyde ™ (@1BongoIdeas) March 11, 2025
