The government says the 2027 Budget will introduce no new taxes, with Finance Minister Dr Cassiel Ato Forson expected to rely on expenditure savings to fund flagship programmes and priority investments.
Deputy Finance Minister Thomas Nyarko Ampem disclosed the decision during an engagement with the Parliamentary Press Corps ahead of Thursday’s budget presentation.
He said government intends to create fiscal space through expenditure rationalisation and tighter control of public spending rather than additional taxation.
Spending cuts to create fiscal space
The announcement comes as businesses and households wait to see how government intends to finance its four year New Economy programme while maintaining fiscal discipline.
Nyarko Ampem said the Finance Minister would explain how savings generated from spending reductions will be redirected towards government priorities.
The New Economy programme is expected to require the cedi equivalent of about US$10 billion over four years, with government targeting productive investment, jobs and structural changes to the economy.
The no new taxes position is likely to draw particular attention after recent fiscal reforms and tax changes introduced as part of Ghana’s economic recovery programme.
Oil revenue plan to feature in Budget
The 2027 Budget will also provide further details on how petroleum revenues will be used to finance infrastructure.
Government has already ring fenced Annual Budget Funding Amount resources for the proposed Accra Kumasi Expressway, including petroleum revenues realised in 2026.
Nyarko Ampem said Dr Forson is expected to explain the broader petroleum revenue strategy when he addresses Parliament.
The Finance Minister will present the 2027 Budget on Thursday, November 12, with job creation, investment and economic transformation expected to dominate the policy statement.
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