Finance Minister, Dr. Cassiel Ato Forson, has announced a series of groundbreaking economic reforms aimed at providing financial relief, boosting economic growth, and ensuring responsible fiscal management.

The reforms include the repeal of the Electronic Transfer Levy (E-Levy), which taxed mobile money transactions, and the removal of taxes on lottery and betting winnings, unprocessed gold exports, and motor insurance. These changes are expected to put more money in the pockets of Ghanaians and make digital payments cheaper and more accessible.

Additionally, the government has redirected GH¢3.8 billion to critical social programs, including free sanitary pads for schoolgirls, school feeding programs, and support for vulnerable households. The Minister has also assured Ghanaians that government spending on hospitals, schools, and road projects will increase, thanks to reforms that remove caps on funds allocated to these sectors.

To prevent reckless spending, the government is introducing tougher financial rules, including an Independent Fiscal Council to monitor government spending, a debt cap of 45% of GDP by 2034, and a primary surplus of 1.5% of GDP annually until 2034. The government is also strengthening public procurement laws to prevent corruption and ensure efficient use of public funds.

Other key reforms include channeling Ghana’s oil revenue into major infrastructure projects, removing the Emissions Levy, and introducing higher taxes for mining companies to ensure fair contribution. The Minister has emphasized that these reforms will ease financial burdens, improve public services, and ensure disciplined economic management.

Overall, these reforms mark a significant shift towards a more progressive and balanced tax system, and are expected to stimulate economic growth, support businesses, and provide relief to individuals.