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Ted News Ghana Blog of Monday, 10 March 2025
Source: TEDDY VAVA GAWUGA
The 2025 Pre-Budget Survey, carried out by KPMG in collaboration with UNDP, has highlighted key priorities among Ghanaian businesses as the government finalizes its fiscal plans. Surveying 233 companies across various industries, the findings show significant support for scrapping both the E-levy and the COVID-19 levy, with 50% of respondents opposing these charges. In contrast, 72% of participants are in favor of launching a 24-Hour Economy Policy to drive economic expansion.
Business leaders are optimistic about the upcoming budget, with 80% confident that the 2025 fiscal framework will stimulate economic recovery. Their optimism is primarily driven by anticipated tax relief measures and the potential success of the 24-Hour Economy initiative. However, concerns remain regarding the revenue implications of eliminating these levies. To address potential shortfalls, businesses have suggested alternative strategies such as broadening the tax base to encompass the informal sector, reintroducing road tolls, and privatizing underperforming state-owned enterprises.
Furthermore, companies underscored the need for supportive measures to ensure the 24-Hour Economy Policy succeeds. Key recommendations include bolstering security, ensuring a stable power supply, upgrading transport infrastructure, and offering tax incentives to businesses.
In a related development, Felix Kwakye Ofosu, Minister of State for Government Communications, confirmed that the government will remove both the E-Levy and the COVID-19 levy in the upcoming budget presentation on March 11, 2025. This move is part of the broader 120-day Social Contract, which features 26 commitments aimed at revitalizing the nation’s economy.
Other notable proposals in the forthcoming budget include a 10% tax on betting winnings, the introduction of an emissions levy, the creation of a Women’s Development Bank, and new job creation policies. Additionally, the government intends to implement a ‘No-Academic-Fee’ policy for first-year students at public universities, marking a significant shift in education funding.
