Deputy Finance Minister-designate, Thomas Nyarko Ampem, has assured that the government will not introduce new taxes in the upcoming budget, dismissing concerns raised by the Minority that new levies would be imposed to generate GHS 200 billion in revenue.
Speaking on the issue, Nyarko Ampem clarified that the government’s strategy will focus on broadening the tax base and improving compliance rather than burdening citizens with additional taxes.
“The Finance Minister has said this many times—we do not need to introduce new taxes to rake in more revenue. We are going to broaden the tax base. We are actually going to enhance compliance. And you will hear a lot of this in the budget when it is presented,” he stated.
He also emphasized the need for Ghana to maximize economic rent from industries, especially given the country’s limited access to international bond markets.
“As a country, we are not taking full advantage of the economic rent that we are supposed to generate from industries. Because we have been denied access to the international bond market, we must do two things—enhance revenue and manage expenditure,” he explained.
Nyarko Ampem reiterated that the 2025 budget, which will be presented to Parliament on March 11, will focus on strengthening domestic revenue mobilization without introducing new taxes.
