2025 Budget: Analysts project introduction of new taxes

The government is expected to introduce new taxes on key sectors, including financial services, in its maiden budget statement on March 11, 2025, as it seeks alternative revenue streams.

This move follows the promise to abolish the E-Levy, COVID-19 levy, and betting tax, a decision projected to result in a revenue loss of GHC 22.15 billion between now and 2027.

While the E-Levy and COVID-19 levy are forecast to yield GHC 2.4 billion and GHC 3.97 billion in 2025, tax analysts like Francis Timore-Boi suggest that a VAT on financial services might be introduced to offset these losses.

He emphasized the need for early stakeholder engagement, while GREDA’s Samuel Amegayibor urged the finance minister to reconsider the proposed 5% VAT on immovable properties for more equitable taxation.