Minority Drops Major Hint: Taxes Galore In Mahama’s 2025 Budget … New Levies To Be Imposed On Real Estate, Telecom, Mining And Financial Sector After Abolishing E-Levy And Betting Taxes

The minority members in parliament have hinted that the John Mahama government is going to introduce a number of new taxes in the yet to be read 2025 budget statement, after is has abolished E-levy and Betting taxes, which were all introduced by the immediate past Akufo-Addo government.

According to them, the new taxes will be imposed on mining, telecommunications and financial services.

Presenting what they described as the “true state of the nation” in Parliament on Monday, March 3, 2025 the minority accused the Mahama government of setting the stage for an extensive tax hike by denigrating the economy.

Speaking through the former minister for finance, Dr. Mohammed Amin Adam, the minority claimed that the introduction of new taxes is to meet a revenue target of GHC200 billion this fiscal year.

During the election campaign, the opposition National Democratic Congress (NDC), now in government, lamented that the Akufo-ADDO administration had suffocated citizens with taxes and when given power, they would do the contrary.

“Does it make sense to scrap the E-levy and Betting tax and replace them with new taxes on the mining, telecommunications, financial sector and real estate industries, which will all be passed on to customers?” the minority asked.

The minority continued that “the people of Ghana should wait for the deception of the NDC government when they present the 2025 budget – taxes galore! This is how they intend to tax Ghanaians to collect their target of GHS200 billion in tax revenues this year.”

MISREPRESENTATION

The former finance minister argued that the move to impose additional taxes comes on the heels of what he described as a “misrepresentation” of the nation’s economic performance by the president.

Citing recent economic data, the minority stressed that despite improvements in areas such as GDP growth and external reserves, the government’s narrative had shifted toward portraying an economic crisis.

This narrative, according to the minority, is being used to justify the new tax measures.

The minority bloc also questioned the sustainability of increasing the tax burden in an economy still grappling with challenges like inconsistent power supply and lingering effects of past crises.

“Ghanaians must be wary of a policy that, under the guise of economic stabilisation risks burdening consumers and stifling business growth,” Dr. Mohammed Amin Adam added.

TRUE STATE

The minority presented a counter-narrative to the current administration’s claims of economic crisis.

Touting what they call the “true state of the nation,” the minority highlighted a series of positive economic indicators that paint a picture of a nation on the mend.

According to the minority’s report on the state of the nation, Ghana’s economic fundamentals are stronger than the Mahama government would have citizens believe.

“Our economy is rebounding robustly,” Dr. Mohammed Amin Adam declared, citing a real GDP growth rate of 6.4% over the first three quarters of 2024, which he said was well above both IMF and World Bank projections.

This growth, he argued, demonstrates that the nation’s industrial and service sectors are performing above expectations, fueling job creation and fostering investor confidence. The minority also pointed to an impressive turnaround in the external sector.

They intimated that Ghana has maintained a trade surplus, with the trade balance reaching 5.9% of GDP and a current account surplus of 4.2%.

These figures, they claim, underscore the strength of Ghana’s international payments position and its ability to withstand external shocks.

Complementing these achievements is the record-high international reserve of $8.9 billion which offers a robust buffer and reinforces the nation’s financial stability.

Addressing concerns over inflation, the minority emphasised that while the headline figure remains elevated at around 23%, this is a marked improvement from the 54% peak witnessed in 2022.

Dr. Adam remarked that “halving inflation within a year is no small feat,” arguing that the disinflation process is well underway and that the minor deviations observed are within an acceptable range given global economic pressures.

In addition to growth and stability, the minority spotlighted prudent debt management.

They stated that through strategic negotiations, Ghana has not only rescheduled significant portions of its debt, but also secured debt relief measures that have reduced the overall burden on the economy.

These efforts, the minority asserts, have freed up crucial resources for development and positioned the country for sustainable long-term growth.

The minority members contend that rather than resorting to additional fiscal burdens, the government should build on these economic gains to further drive development.

“Ghanaians must see the tangible improvements in our economy – the growth in GDP, the surplus in our trade and current account, and the record levels of international reserves.

“These achievements are a testament to sound economic policies and hard-won progress, not a sign of mismanagement,” Dr. Adam argued.

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