Dr. Cassiel Ato Forson, the Finance Minister-designate of Ghana, has revealed his bold strategies to revitalize the country’s economy, emphasizing revenue generation, reducing expenditures, and fostering economic stability.
During his vetting by Parliament’s Appointments Committee, Dr. Forson outlined key measures his administration intends to implement, including the removal of the contentious E-Levy and Betting Tax. “As part of our 120-day agenda, we will abolish the E-Levy,” he stated. The E-Levy, which has sparked widespread public dissatisfaction, will be eliminated to reduce the financial strain on Ghanaians.
Dr. Forson also reiterated his position on abolishing the Betting Tax, asserting that its removal would not negatively impact the economy.
He remarked, “Abolishing the Betting Tax will not hinder the progress of the economy,” and stressed that increasing taxes is not the sole way to enhance revenue. “Revenue growth doesn’t require tax hikes; what matters is improving compliance,” he further noted.
Instead of introducing new taxes, Dr. Forson highlighted his focus on improving compliance with existing tax laws to boost revenue collection. He also pointed out that Ghana’s fiscal challenges cannot be addressed by increasing revenue alone but also require careful management of expenditures.
“It’s not just about revenue, but about managing expenditure,” he explained.
Dr. Forson stressed the importance of cutting unnecessary spending and called for urgent action to stabilize the economy. “We must reduce waste! The time is NOW! We need to work towards stabilizing inflation, the exchange rate, and creating jobs.”
Additionally, Dr. Forson shared his medium-term goal of raising tax revenue as a percentage of GDP from the current 13.8% to 16–18%.
