The Ministry of Finance has allayed fears of potential tax hikes, stating that the government has no plans to introduce new taxes in the mid-year budget. This assurance comes despite speculation sparked by the recent World Bank Ghana Economic Update.
Deputy Finance Minister Dr. Alex Ampaabeng revealed this in an interview on Channel One TV’s “The Point of View” with Bernard Avle. He confirmed that the sector Minister, Dr. Mohammed Amin Adam, has also ruled out a supplementary budget request.
While Dr. Ampaabeng acknowledged the need to enhance revenue, he emphasized that the focus is on improving tax efficiency, addressing leakages, and encouraging taxpayer responsibility. He hinted at potential opportunities within the tax system to boost revenue.
The World Bank report had suggested additional revenue measures, but the Finance Ministry has clarified its commitment to a stable tax environment. This reassurance is expected to ease concerns among businesses and individuals, fostering economic growth and development in Ghana.
Story by: Michael Seh
