The Minister for Finance, Dr Cassiel Ato Forson, has disclosed that Ghana’s economy experienced significant growth in 2024, which was under the erstwhile Nana Addo Dankwah Akufo-Addo-led New Patriotic Party (NPP) government.
“The size of the economy improved significantly in 2024, reflecting the impact of measures put in place to drive productivity and investment,” he stated.
He made this disclosure during the presentation of the 2025 Budget Statement in Parliament yesterday, highlighting the expansion of the country’s economic output over the past year.
Dr. Forson noted that despite global economic challenges, Ghana’s economy showed resilience, recording notable improvements across key sectors.
He attributed this growth to sound government policies aimed at stabilising the economy.
However, the Minister acknowledged that part of the recorded economic growth included proceeds from illegal small-scale mining, commonly known as ‘galamsey.’
He cautioned that while this may have contributed to GDP expansion, the environmental and social consequences of galamsey remain a concern.
“It is important to recognise that some of this growth is linked to galamsey activities, which pose significant risks to our natural resources,” he added.
Dr Forson reassured Parliament that the government remains committed to fostering sustainable economic growth.
He emphasised that future policies will focus on strengthening productive sectors, formalising informal economic activities, and ensuring that economic gains do not come at the expense of environmental sustainability.
More so, the Finance Minister, Dr Cassiel Ato Forson, announced without being specific on the date, that the government would be abolishing the Electronic Transaction Levy (E-levy), and the 10% tax on lottery winnings also known as betting tax, the Emissions tax, and eventually, also abolish the COVID-19 levy.
Meanwhile, sceptics say three (3) of the six (6) taxes- emissions levy, withholding tax on lotto, and VAT on motor insurance they claimed to abolish are not taxes that are being collected already, leaving the abolished taxes to be Covid-19, e-levy, and the1.5% withholding on gold exports.
However, four new taxes have been imposed in the new budget, namely: 2% growth and sustainability levy on mining companies, imposition of growth and sustainability levy from 2025 to 2028 on selected sectors, imposition of special import levy from 2025 to 2028, imposition of VAT on non-life insurance.
Dr. Forson also assured Parliament that the government would focus on improving revenue collection efficiency rather than introducing new taxes.
This approach, he said, would ensure sufficient funding for development projects without increasing the financial strain on citizens.
