Government won’t overburden Ghanaians with taxes – Dr Amin Adam assures

The Finance Minister of Ghana, Dr. Mohammed Amin Adam, assured the public that the government is committed to ensuring that taxes don’t become a burden for citizens. Instead of increasing taxes, their aim is to collect taxes from individuals and businesses who haven’t been paying or avoiding tax payments. The recent suspension of certain taxes, such as the Value Added Tax (VAT) on electricity consumption and the annual green levy on petrol and diesel vehicle owners, has created a gap in revenue. To address this gap, the government plans to implement effective revenue generation strategies outlined in both the 2023 and 2024 budgets.

Dr. Amin Adam, emphasized the importance of not solely relying on aggressive revenue collection measures but also focusing on rationalizing government expenditure. This includes implementing plans to clear outstanding payments and preventing state institutions from overspending by integrating them into the Government Integrated Financial Management Information System (GIFMIS).

Additionally, efforts by the Ghana Revenue Authority (GRA) are being intensified to ensure compliance with tax regulations, particularly concerning the foreign income of resident Ghanaians. The Bank of Ghana is also committed to supporting the government in ensuring the successful implementation of economic programs.

Looking ahead, the International Monetary Fund (IMF) is expected to approve Ghana’s third tranche of funding in June, further supporting the country’s economic recovery efforts. This funding, aims to restore macroeconomic stability, build resilience, and lay the foundation for stronger and more inclusive growth in Ghana.

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