The government has ruled out the introduction of new taxes in the 2027 Budget Statement and Economic Policy, opting instead to finance its flagship programmes and priority development projects through savings from expenditure rationalisation and cuts in public spending.
The 2027 Budget, scheduled to be presented to Parliament on Thursday, November 12, is expected to outline how the government intends to create fiscal space and mobilise resources to support its development agenda without imposing additional tax burdens on businesses and households.
Deputy Finance Minister and Member of Parliament for Asuogyaman, Thomas Nyarko Ampem, disclosed the government’s position during a closed-door engagement with members of the Parliamentary Press Corps ahead of the budget presentation.
He explained that the Finance Minister, Dr Cassiel Ato Forson, would use the budget presentation to provide details of the government’s strategy for raising and allocating resources to implement its priority programmes without introducing new tax measures.
According to Nyarko Ampem, savings generated from reductions in government expenditure are expected to provide the necessary financial resources to support the administration’s development priorities.
The approach signals the government’s intention to place greater emphasis on expenditure efficiency, tighter control of public spending and the effective allocation of available resources to programmes with significant economic and social benefits.
The no-new-tax commitment is expected to attract considerable attention in the upcoming budget, particularly as businesses and households continue to monitor fiscal policy decisions and their implications for the cost of living and economic activity.
Beyond expenditure management, Nyarko Ampem indicated that the 2027 Budget would also provide further details on the government’s plans for the utilisation of petroleum revenue in the coming years.
He said Dr Forson is expected to explain how oil revenues will be deployed to support infrastructure development and other national priorities, following the government’s decision to use oil inflows to fully finance the proposed Accra-Kumasi Expressway.
The expressway is among the major infrastructure projects expected to significantly improve road transportation between Ghana’s two largest economic centres.
The upcoming budget is therefore expected to provide a clearer picture of how the government intends to balance its development ambitions, infrastructure financing and expenditure management while maintaining its commitment not to introduce new taxes in 2027.
Source: www.kumasimail.com
