Govt rules out new taxes in 2027 budget

The government has ruled out the introduction of new taxes in the 2027 Budget Statement and Economic Policy, which Finance Minister Dr Cassiel Ato Forson is scheduled to present to Parliament on Thursday, November 12.

Instead, the administration intends to fund its flagship programmes and priority development projects through savings generated from expenditure rationalisation and cuts in government spending, according to the Finance Ministry.

Deputy Finance Minister and Asuogyaman MP, Thomas Nyarko Ampem, disclosed the government's position during a closed-door meeting with members of the Parliamentary Press Corps ahead of the budget presentation.

He said Dr Forson would use the budget presentation to explain how the government plans to mobilise and allocate resources to deliver its development priorities without introducing additional tax measures.

Mr Nyarko Ampem indicated that savings from reduced public expenditure would create the fiscal space needed to finance the government's programmes.

The approach signals the administration's intention to prioritise spending efficiency, tighten control over public expenditure and channel available resources into projects expected to deliver significant economic and social benefits.

The Deputy Finance Minister also disclosed that the 2027 Budget would provide further details on the government's plans for managing petroleum revenues in the coming years.

He said the Finance Minister was expected to outline how oil proceeds would be used to finance infrastructure and other national development priorities, particularly following the government's decision to commit oil inflows to the proposed Accra-Kumasi Expressway.

The expressway is among the government's major infrastructure projects and is expected to improve road connectivity between Ghana's two largest economic centres.