“Scrapping the Betting Tax will not affect the forward march of the economy,” he said. He added that increasing taxes is not the only way to boost revenue. “You don’t have to increase taxes to increase revenue. What is important is to increase compliance.”
Rather than introducing new taxes, Dr. Forson noted he intends to improve compliance with existing tax laws to enhance revenue collection. He further stressed that Ghana’s fiscal challenges cannot be solved solely by increasing revenue but also require prudent management of expenditures.
“It’s not always about revenue, but expenditure,” he stated.
Dr. Forson emphasised the need to cut wasteful spending, urging decisive action to stabilise the economy. “We need to cut the waste! The time is NOW! We must work in a way that stabilises inflation, the exchange rate, and creates jobs.”
Dr. Forson also shared his medium-term vision to increase tax revenue as a percentage of GDP from the current 13.8% to 16–18%.
Currently, the team from the International Monetary Fund (IMF) is in Ghana to have discussions with the government on the ongoing programme.
From, Monday 10th February to Friday 14th, February 2025 the Government of Ghana will be holding discussions with the IMF team led by their Mission Chief for Ghana, Stephane Roudet.
The discussions will centre primarily on Ghana’s progress under the IMF-supported Programme and the policy direction of government on the 2025 Budget.
Other critical areas that will be discussed will include revenue administration reforms, the energy sector reforms, expenditure rationalisation, and monetary and exchange rate policy.
The Bank of Ghana, Ghana Revenue Authority, the Controller and Accountant General Department and other key institutions are expected to be present in the scheduled meetings.
“The Government of Ghana assures the public of its commitment to prioritising macroeconomic stability, job creation and improved livelihood for the people of Ghana,” a statement issued by the Finance Ministry said.
