Deputy Finance Minister Thomas Ampem Nyarko has confirmed that the Electronic Levy (E-Levy) will be removed by the end of March 2025, pending approval of the 2025 budget and appropriation. Speaking on Channel One TV’s OXFAM Tax Dialogue, Nyarko stated that the removal will take effect once Parliament finalizes the budget process. He emphasized that this move is in line with President John Mahama’s campaign promises and aims to promote financial inclusion . “It will take effect the moment the budget and the appropriation is approved, and that will be by the 31st of this month. “So all things being...
Removal of E-levy, Betting Tax poses risk to govt’s ability to achieve its revenue target – Deloitte
Professional services firm, Deloitte has said that the theme running through this year’s budget statement is the need to strike a delicate balance between macroeconomic stability and economic growth. It indicated that a key component of the government’s approach to achieving the desired macroeconomic stability is revenue mobilisation. This notwithstanding, Deloitte said, the move by government to deliver on its promise to scrap certain nuisance taxes (e-levy, betting tax, emission levy ) presents notable risk to its ability to achieve the set revenue target due to the revenue losses that will result from scrapping these tax handles. “Whilst the revenue-enhancing...
13-member committee set up to review L.I. 2180 for commercial use of ‘Okada’
The Minister for Transport, Joseph Bukari Nikpe has established a 13-member committee to review Section 128 (1), (2), and (3) of the Road Traffic Regulations 2012 (L.I. 2180), which currently prohibits the commercial use of motorcycles and tricycles, commonly known as ‘Okada.’ The committee has been given a three week timeline to assess the regulation and make recommendations on the possible legalization and regulation of commercial motorcycle and tricycle operations in Ghana. This move signals a potential shift in government policy on ‘Okada’ operations, which have been a contentious issue due to concerns over road safety and the economic benefits...
‘Betting isn’t ideal, but it’s solace for many’ – Felix Kwakye Ofosu defends removal of winnings tax
Government spokesperson Felix Kwakye Ofosu has defended the decision to remove taxes on betting winnings, citing the economic hardship and lack of employment opportunities faced by many young people. Speaking on JoyNews’ Roundtable, Kwakye Ofosu acknowledged that betting isn’t the most desirable activity, but it has become a means of survival for many. “We find that there were many youth who were driven into that activity because of hardship and the need for them to find something to do to make ends meet,” he stated. He argued that taxing winnings would worsen the economic situation of bettors, who are already...
Akufo-Addo’s Gov’t Squanders GH¢195 BILLION in Dubious Contracts!
Finance Minister Dr. Cassiel Ato Forson has revealed a staggering GH¢195 billion in contracts awarded by Ministries, Departments, and Agencies (MDAs) under the previous Akufo-Addo administration . Speaking in an interview with Channel One TV on Wednesday, March 12, just a day after presenting the 2025 Budget. Dr. Forson expressed alarm at the sheer scale of commitments made, prompting him to suspend payments while seeking further clarification from the MDAs involved. The situation is further complicated by multiple payment requests submitted to the Ministry of Finance. MDAs had awarded contracts over GH¢195 billion. Then, aside from that, the MDAs had...
Dr. Amoah demands investigation into National Cathedral Funds
Former Deputy Finance Minister Dr. Stephen Amoah has expressed concerns about the financial implications of the National Cathedral project, despite having no objections to its construction. Speaking on Joy News AM, Dr. Amoah acknowledged sharing concerns with others about the source of funding and overall cost of the project. As a Christian, Dr. Amoah clarified that his concerns aren’t about the cathedral itself, but rather the financial aspects. “Honestly, I am not against the cathedral because I am a Christian, but I am with those who are raising concerns about how much has gone into our foundation,” he said. He...
Transforming Ghana: 24-Hour Economy and 4 Other Major Initiatives in 2025 Budget
Ghana’s 2025 Budget has unveiled five key interventions aimed at transforming the country’s economy, boosting job creation, and stabilizing national finances. These initiatives were announced by Finance Minister Dr. Cassiel Ato Forson on Tuesday, March 11, 2025. 1. 24-Hour Economy The 24-Hour Economy policy seeks to stimulate sustained economic growth by enabling businesses and institutions to operate around the clock in three eight-hour shifts. This will increase production, promote productivity, and create well-paying jobs. “We will be presenting the policy to Parliament in due course for consideration. Accordingly, the Labour Act, the GIPC Act, and other enabling legislations will be...
Amin Adam Claims GOLDBOD is a Vehicle for ‘Looting’ Public Funds
Former Finance Minister Dr. Mohammed Amin Adam has made some serious allegations against the current administration, accusing them of setting up the Ghana Gold Board (GOLDBOD) as a way to misappropriate public funds. Specifically, he’s taking issue with the allocation of GH₵270 million to GOLDBOD, which he believes is not only unjustified but also a deliberate attempt to divert Ghana’s gold resources to benefit a select few within the governing National Democratic Congress (NDC) party. Dr. Amin Adam’s concerns were triggered by the current Finance Minister, Dr. Cassiel Ato Forson’s announcement on March 11, regarding a budgetary allocation to support...
Government Won’t Use Public Funds to Rescue Bank of Ghana- Finance Minister
Finance Minister Dr. Cassiel Ato Forson has made it clear that the government won’t be using taxpayer funds to bail out the Bank of Ghana (BoG) to the tune of ¢53 billion. This decision comes after the central bank’s request for a bailout due to its negative equity challenge under the previous Ernest Addison-led administration. Dr. Forson emphasized that the BoG’s financial struggles are a result of its own actions, having generated significant debt and deficits, leading to an unhealthy balance sheet and negative equity. “On the back of the report that showed the ¢60 billion hole, remember, in my...
Deputy Finance Minister Defends 3% Hike in Growth and Sustainability Levy
Deputy Finance Minister Thomas Ampem Nyarko has defended the government’s proposal to increase the Growth and Sustainability Levy on mining companies from 1% to 3% of their gross production. This move aims to boost national revenue generation, particularly when global commodity prices are favorable. According to Ampem Nyarko, the modest increment is necessary to ensure the government captures a fair share of revenue from the mining sector. He emphasized that this is a windfall tax, and with the economic rent accruing at about 14%, the current 1% levy is insufficient. “This is a windfall tax and the minister explained clearly...