Dr Cassiel Ato Forson, the Finance Minister, has announced that the Covid levy will be abolished.
The Finance Minister reiterated the government’s commitment to abolishing the COVID-19 levy.
Speaking during the presentation of the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, 2025, Dr Ato Forson stated, “The Covid levy will be abolished. The effective VAT rate will be reduced.”
He further signalled a wider review of Ghana’s current VAT system, stating, “Currently, the Ghana Revenue Authority together with the Ministry of Finance is undertaking a nationwide consultation process to sensitise key players in the trade and business sector on the VAT reform and solicit feedback from them”.
“We committed to establishing the Goldbod to support the stability of the Cedi. The Cedi performance in the first half of the year has been impressive. In less than 200 days, we have brought back clarity, certainty, stability and purpose to our economic policy in the nation”.
“We have made significant progress, and the signs of recovery are obvious, evident, noticeable and visible, tangible, and they are being felt”, he announced.
Dr Cassiel Ato Forson further declared that the Ghanaian cedi has picked up and is no longer depreciating.
According to Ato Forson, in the Ghanaian local language, he stated, “Ghana cedi no apicki”.
The finance minister noted that the cedi’s appreciation is already contributing to price stability.
Dr Ato Forson added, “This performance reflects the positive impact of sound fiscal and monetary policies, growth in gold and cocoa exports, and steady remittance flows,” he told Parliament.
Ato Forson further assured Ghanaians that the gains made will be sustained.
“We will continue to implement prudent policies to preserve the value of our currency, reduce inflation, and ensure economic stability for all,” Dr Forson added.
He, however, blamed the former Akufo-Addo administration for causing economic hardship with the Domestic Debt Exchange Programme (DDEP).
“Mismanagement of our public finances by the previous administration led to devastating haircuts through the Domestic Debt Exchange Programme (DDEP), which denied pensioners and the middle class their lifetime savings, livelihoods and dignity,” he told the House.
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