President John Dramani Mahama has signed into law an extensive array of tax and financial amendments aimed at revitalising the country’s economy and improving fiscal management.
The newly assented bills represent a significant overhaul of Ghana’s tax framework, showcasing the government’s commitment to addressing economic challenges and enhancing the livelihood of its citizens.
Among the key bills signed into law are:
– Electronic Transfer Levy (E-Levy) Repeal Bill 2025: Eliminates the controversial 1% tax on electronic transactions, a move widely applauded by businesses and individuals alike.
– Emissions Levy Repeal Bill: Removes environmental taxes that were seen as burdensome to vehicle owners and industries.
– Value Added Tax (VAT) Amendment Bills: Introduces adjustments to VAT policies to foster economic growth and align with evolving market demands.
– Income Tax Amendment Bill 2025: Updates income tax regulations to provide relief to taxpayers and simplify compliance. It will see to the scrapping of the betting tax.
– Petroleum Revenue Management Amendment Bill 2025: Revises the management of petroleum revenues to ensure more efficient allocation of resources.
– Public Financial Management Amendment Bill: Enhances fiscal responsibility and transparency in government operations.
– Earmarked Funds Capping and Realignment Bill: Streamlines the allocation of earmarked funds for better fiscal efficiency.
– Energy Sector Levy Act: Modifies levies within the energy sector to encourage sustainable practices and investments.
– Gold Board Bill 2025: Establishes regulatory reforms for gold production and revenue management.
– Growth and Sustainability Levy Act: Implements new measures to support sustainable economic growth.
The Finance Ministry has expressed optimism that these reforms will reduce the tax burden on citizens, stimulate economic activity, and foster greater compliance with tax regulations. Industry experts predict that the changes will encourage investments and strengthen Ghana’s fiscal stability.
President Mahama’s decision to assent to these bills reflects his administration’s proactive approach to addressing the country’s economic needs.
