By Francis Ntow, GNA
Accra, Nov 12, GNA – The Government will not introduce any new taxes in 2027, Dr Cassiel Ato Baah Forson, Finance Minister has announced, as he presents a GH¢323.4 billion revenue target and a GH¢389.2 billion expenditure plan for the fiscal year.
In 2027, the Government would focus on addressing leakages to rake in more revenue, the minister announced during the presentation of the Budget Statement and Economic Policy to Parliament on Thursday.
“This 2027 Budget will not introduce any new tax. Our task is to collect what is lawfully due, close the leakages and make the revenue system work better,” he said, pledging clear rules, fair treatment and timely decisions for taxpayers.
Dr Forson explained that the move was to ensure that the Government did not burden households and businesses with additional taxes, rather, but ensure the revenue system worked fairly, efficiently and predictably.
The government’s no-new-tax stance builds on strong 2026 performance, with January-October total revenue and grants reaching GH¢219.3bn, 3.5 per cent above the GH¢211.8bn target.
Domestic revenue was GH¢218.2bn, and 4.1 per cent above its GH¢209.6 bn target, while non-oil tax revenue for the first 10 months of 2026 reached GH¢170bn, with non-oil non-tax revenue amounting to GH¢23.7bn.
Provisional data for January to October 2026 shows total expenditure on a commitment basis amounted to GH¢239bn, 15 per cent of GDP, and was 7.6 per cent below target, reflecting firm expenditure controls.
Dr Forson stated that those gains were achieved without new taxes or increases in tax rates, adding that the government would be guided by the same approach in revenue mobilisation in 2027.
On forecasts for 2027, he announced a projected GH¢323.4 billion, equivalent to 17.9 per cent of Gross Domestic Product (GDP) in revenue and grants for 2027, comprising GH¢320.2bn in domestic revenue and GH¢3.2bn in project grants.
He said domestic revenue would comprise GH¢256.1bn in non-oil tax revenue, GH¢33.5bn in non-oil non-tax revenue, GH¢15.5bn in oil revenue, and GH¢15.1bn in other revenue.
On spending, the minister said the government intended to have a total expenditure on a cash basis of GH¢389.2bn, equivalent to 21.6 per cent of GDP, covering GH¢104.1bn for compensation of employees and GH¢61b for interest payments.
Other expenditure items include GH¢13.7bn for goods and services, GH¢76.5bn in transfers to statutory and earmarked funds, and GH¢100.4bn for capital expenditure, Dr Forson stated.
“Based on the revenues and expenditures above, overall deficit on a cash on basis is projected to be GH¢65.8bn, equivalent to 3.6 per cent of GDP,” he said, emphasising the source of finance to include both domestic and external.
He stated that since 2025, government has acted to give families breathing space and businesses room to grow, including abolishing the electronic transfer levy (E-Levy), withholding tax on betting and lottery winnings.
He also mentioned the COVID-19 Levy, the Emissions Levy and Value Added Tax (VAT) on motor vehicle insurance as taxes stopped, noting that in 2027, the government would consolidate that relief by holding the line on new taxes.
On measures to rake in more revenue, the minister said the government would review and modernise key tax laws in 2027, such as the Income Tax Act, the Revenue Administration Act, Stamp Duty administration and the Communications Service Tax framework.
The government would also review Customs Tariff Grant Duty Concessions on selected raw materials, machinery and inputs to support local industry, and introduce regulations to support consistent application of the reformed tax laws, he stated.
Dr Forson said government would also review Ghana’s Double Taxation Agreements in line with the United Nations (UN) Framework Convention on International Tax Cooperation to tackle evasion and treaty abuse while protecting legitimate investment.
He explained that dispute resolution would be strengthened to make compliance simpler and less costly for taxpayers, while ensuring fair treatment, clear rules, timely decisions and confidence in the revenue system for businesses and individuals.
He added that to sustain revenue growth, government would strengthen domestic revenue through the continued implementation of the Medium-Term Revenue Strategy, better compliance and the use of technology to improve administration and taxation of the digital economy.
There would also be improvement in expenditure efficiency by rationalising spending, addressing leakages and removing operational weaknesses that prevented public resources from delivering their intended results, he noted.
He pledged the government’s commitment to preserving fiscal and debt sustainability while creating space for transformation, investing invest 1.5 per cent of GDP, equivalent to GH¢30 billion, in the New Economy programme in 2027.
The investment, he said, would be financed by reducing the primary surplus target by one percentage point of GDP and by tax reforms and compliance measures expected to generate 0.5 per cent of GDP.
He commended Ghanaians for their sacrifices over the years to support government discipline, promising that every Cedi saved would answer to creating jobs, reducing imports, increasing exports, and leaving behind value for generations.
GNA
Edited by Agnes Boye-Doe
Reporter: Francis Ntow
[email protected]