The government is set to introduce major tax reforms in the upcoming 2025 budget, with plans to abolish the E-Levy and COVID levy as part of broader efforts to ease the financial burden on Ghanaians and stimulate economic growth.
Minister of State for Government Communications, Felix Kwakye Ofosu, confirmed these changes ahead of the budget presentation on Tuesday, March 11, emphasizing that they align with the administration’s 120-day Social Contract. This framework includes 26 key pledges aimed at economic recovery, including the removal of the 10% tax on bet winnings and the emissions levy within the first 90 days in office.
Beyond tax reductions, the government is also prioritizing industrial and agricultural development. Plans are underway to review levies on vehicles and equipment imported for these sectors, providing relief to businesses and encouraging investment.
Kwakye Ofosu further outlined additional policies expected in the budget, including the launch of the 24-Hour Economy Policy, the introduction of a ‘No-Academic-Fee’ policy for first-year students in public tertiary institutions, and the establishment of a Women’s Development Bank to support female entrepreneurs. Job creation programs will also be a central focus.
Addressing concerns over the depreciation of the Ghanaian cedi, he assured that the finance minister would outline both medium- and long-term strategies to stabilize the currency in collaboration with development partners and economic stakeholders.
With these measures, the 2025 budget is expected to lay the foundation for economic stabilization, growth, and the fulfillment of key campaign promises.
