Deputy Finance Minister reaffirms government’s commitment to tax cuts and economic reforms

Deputy Finance Minister Thomas Nyarko Ampem reaffirmed the government’s commitment to fulfilling campaign promises, including the removal of certain taxes, as part of broader economic reforms.

Speaking at the National Economic Dialogue, he assured that the upcoming budget would reflect these measures, citing the removal of the merchant tax.

Ampem acknowledged concerns over revenue losses from tax cuts, noting a significant 61% VAT gap and emphasizing that bridging this gap would offset lost revenues.

He mentioned that some taxes suspended by the previous government might be reconsidered. Highlighting the need for policy continuity amid Ghana’s history of alternating leadership, Ampem urged bipartisan engagement in economic planning.

He stated that with moderate reforms, Ghana could reach middle-income status by 2042, with an ambitious approach accelerating progress.