In a significant step toward economic transformation, Parliament has approved a comprehensive set of tax and fiscal reforms aimed at enhancing revenue efficiency, supporting businesses, and providing relief to Ghanaians.
The reforms, championed by Finance Minister Dr. Cassiel Ato Forson, are expected to stimulate economic growth while ensuring a fairer tax system. Key changes include the repeal of the Electronic Transfer Levy (E-Levy), the abolition of the 10% withholding tax on bet winnings, and the removal of the 1.5% withholding tax on unprocessed gold from small-scale miners.
Key Tax Amendments Passed by Parliament
The newly approved bills include:
✅ Electronic Transfer Levy (Repeal) Bill, 2025 – Abolishes the E-Levy, promoting digital transactions and easing financial pressure on mobile money users.
✅ Income Tax (Amendment) Bill, 2025 – Removes the 10% withholding tax on bet winnings and gaming, as well as the 1.5% tax on unprocessed gold.
✅ Emissions Levy (Repeal) Bill, 2025 – Scraps the carbon emissions levy to reduce business costs.
✅ Earmarked Funds Capping and Realignment (Amendment) Bill, 2025 – Uncaps key statutory funds to enhance education, healthcare, and infrastructure development.
✅ Revenue Administration (Amendment) Bill, 2025 – Strengthens tax compliance and collection strategies.
✅ Growth and Sustainability Levy (Amendment) Bill, 2025 – Adjusts levy rates to ensure a fairer distribution of tax obligations.
✅ Ghana Infrastructure Investment Fund (Amendment) Bill, 2025 – Restructures revenue sources to better finance infrastructure projects.
✅ Special Import Levy (Amendment) Bill, 2025 – Introduces measures to support importers and businesses.
Uncapping Funds to Strengthen Key Sectors
A significant aspect of the reforms is the removal of funding caps on major statutory funds, allowing for greater investment in crucial sectors such as:
📚 Ghana Education Trust Fund (GETFund): Ensures consistent funding for free secondary education and accessible tertiary education for Persons with Disabilities.
🏥 National Health Insurance Levy: Unlocks additional resources for healthcare services, ensuring access to essential medicines, vaccines, and Free Primary Healthcare initiatives.
🛣️ Road Fund: Guarantees full disbursement for road maintenance projects, improving Ghana’s road network.
⛏️ Mineral Income Investment Fund, Ghana Infrastructure Investment Fund, and Ghana National Petroleum Corporation (GNPC): Restructured revenue sources to improve long-term financial sustainability.
What’s Next?
With Parliament’s endorsement, these landmark reforms are now set to be signed into law by President John Dramani Mahama. The reforms are expected to create a fairer tax system, stimulate economic growth, and address Ghana’s pressing development needs.
The passage of these bills is a pivotal move toward ensuring financial stability, supporting businesses, and improving the livelihoods of Ghanaians across the country.
