Felix Kwakye Ofosu, the Minister of State for Government Communications, has announced that the government plans to abolish both the E-Levy and the COVID-19 levy in the upcoming budget for 2025. This budget is scheduled to be presented on Tuesday, March 11, 2025. These changes are part of the government’s 120-day Social Contract, which includes 26 key commitments aimed at revitalizing the economy and reducing the financial burden on citizens.
Among the commitments made by the administration are the removal of the E-Levy, the COVID levy, a 10% tax on betting winnings, and the emissions levy—all within the first 90 days in office. During a press conference in Accra on Monday, March 10, Kwakye Ofosu also announced plans to review the taxes and levies on vehicles and equipment imported for industrial and agricultural use. He further emphasized the government’s intention to launch the 24-Hour Economy Policy and implement a ‘No-Academic-Fee’ policy for all first-year students in public tertiary institutions. Additionally, the first budget will introduce the establishment of a Women’s Development Bank and key job creation programs.
“The finance minister has clearly indicated that we are on course to meeting those promises. So when on Tuesday he unveils the details of his budget, you will find that we have kept faith with the people of Ghana regarding the specific promises we made in the 120-day social contract,” Ofosu stated. He also addressed concerns about Ghana’s currency depreciation, stating:
“In terms of the currency, the finance minister will highlight measures both within the long term and medium term to address the financial weaknesses within our economy, one of which is rapid currency depreciation.
“In concert with development partners and other stakeholders within the economy, appropriate measures will be prescribed for addressing this perennial challenge of currency depreciation.”
The 2025 budget is expected to outline comprehensive policies aimed at economic stabilization and growth while delivering on key campaign promises.
By: Akosua Otchere
