Finance Minister-designate Dr. Ato Forson has pledged to abolish the E-Levy and the Betting Tax within 120 days. He plans to prioritize compliance and implement expenditure cuts. In his role as Ghana’s Finance Minister-designate, Dr. Cassiel Ato Forson has outlined his ambitious plans to transform the nation’s economy. His focus will be on revenue mobilization, reducing expenditures, and establishing a stable economic environment.
Speaking during his vetting by Parliament’s Appointments Committee, Dr. Forson highlighted key measures his administration plans to undertake, including the abolition of the controversial E-Levy and Betting Tax. “As part of our 120-day agenda, we will abolish the E-Levy,” he announced.
The E-Levy, which has caused public discontent, will be abolished to alleviate the financial burden on Ghanaians. Dr. Forson also reiterated his position on eliminating the Betting Tax, arguing that removing it would not negatively impact the economy. “Scrapping the Betting Tax will not hinder the economy’s progress,” he stated. He emphasized that increasing taxes is not the only way to raise revenue. “You don’t have to raise taxes to increase revenue. What is crucial is to improve compliance.”
Rather than introducing new taxes, Dr. Forson noted he intends to improve compliance with existing tax laws to enhance revenue collection. He further stressed that Ghana’s fiscal challenges cannot be solved solely by increasing revenue but also require prudent management of expenditures.
“It’s not always about revenue, but expenditure,” he stated. Dr. Forson emphasised the need to cut wasteful spending, urging decisive action to stabilise the economy. “We need to cut the waste! The time is NOW! We must work in a way that stabilises inflation, the exchange rate, and creates jobs.”
Dr. Forson also shared his medium-term vision to increase tax revenue as a percentage of GDP from the current 13.8% to 16–18%.
By: Evans Effah
