Govt to overhaul VAT System by end of year – Finance Minister

Finance Minister Dr. Ato Forson has revealed plans for a complete overhaul of Ghana’s VAT system, citing structural distortions that require urgent reform.

Speaking on The Point of View on Channel One TV, he stated that simply adjusting VAT rates or removing certain components will not fix the fundamental inefficiencies.

The government has sought technical assistance from the IMF and is setting up a task force to work on recommendations.

Dr. Forson criticized Ghana’s tax framework, noting, “I have never seen a country where you operate both sales tax and ad-valorem tax at the same time.”

The government aims to implement the VAT reforms by the end of 2025, ensuring a more efficient and globally aligned tax system.