What did the NPP do with taxpayers’ money all these years?

A Ghanaian financial analyst, Scott Bolshevik, has raised concerns over how government is financing the growing number of development projects across the country amid mounting pressure on public revenue following major tax cuts in the 2025 Budget.

In a statement shared on social media, he observed that the scale of development projects currently underway in Ghana appears unprecedented, even as government revenue faces strain due to the removal of key taxes. He pointed to the abolition of the 1 per cent E-Levy, the betting tax and the emissions levy, which were scrapped to ease the burden on citizens and businesses.

According to analysts cited in the statement, these tax reforms could result in a revenue shortfall of between GH¢6 billion and GH¢7 billion if not adequately offset. Government, however, argues that other measures, including adjustments to VAT and limits on tax refunds, could help close the gap.

The analyst questioned how government is sustaining increased project spending at a time when traditional revenue sources have been cut. He also asked what became of the taxes collected and loans contracted in previous years, suggesting that the issue raises broader questions about fiscal management and accountability.

Scott Bolshevik is a Ghanaian financial analyst and economist known for his critical commentary on Ghana’s socio-economic and political issues, particularly on social media platform X, where he frequently analyses the performance of government policies.