Deputy Finance Minister-designate, Thomas Nyarko Ampem, has dismissed claims that the government intends to introduce new taxes in the upcoming budget, assuring that revenue generation efforts will focus on tax compliance and broadening the tax base.
Responding to concerns raised by the Minority that the government plans to impose new taxes to generate GHS 200 billion this year, Nyarko Ampem insisted that there is no need for additional levies. Instead, he emphasized improving existing tax collection mechanisms.
“The Finance Minister has reiterated multiple times that we do not need to introduce new taxes to increase revenue. The focus will be on broadening the tax base and enhancing compliance. You will hear more about this when the budget is presented,” he assured.
He further stressed the importance of maximizing Ghana’s economic rent from industries, especially as the country faces limited access to international bond markets.
“As a nation, we have not fully capitalized on the economic rent we should be collecting from industries. Given our restricted access to international borrowing, we must take two key steps—boost revenue collection and manage expenditures efficiently,” he explained.
The upcoming budget, set to be presented to Parliament on March 11, will prioritize strengthening domestic revenue mobilization while avoiding additional financial burdens on citizens.
