MINISTER OF FINANCE PRESENTS 2025 MID-YEAR FISCAL POLICY TO PARLIAMENT
The Minister of Finance, Hon. Cassiel Ato Forson has presented the 2025 Mid-Year Fiscal Policy Review to Parliament.
In his presentation, the Finance Minister explained that this Mid-year review is more than a fiscal update.
“it is an account of what we inherited and the positive results of stewardship in the last 198 days” he stated.
According to the Minister, the Ghana Revenue Authority, together with the Ministry of Finance is undertaking a nationwide consultation process to sentsitise key players in the trade and business sectors on the VAT reforms and solicit feedback from them.
He hinted that, under the reforms COVID-19 Levy will be abolished, the effective VAT Rate would be reduced, the punitive cascading effect of the GETFund and NHIS levies will be removed, VAT rates will be removed and a unified VAT rate will be implemented, VAT rate registration threshold will be increased to exempt small and micro businesses, and lastly compliance will be improved through public education, awareness creation and the introduction of physical electronic devices.
The Finance Minister also briefed the House on the performance of the Ghanaian Cedi, the exchange rate, expenditure update on payroll audit, arrears, payables and commitments, reorganization of the road fund, update on the nursing and teacher trainee allowance among others.
He assured the House that the stability in the exchange rate and the lower prices Ghanaians are experiencing will be sustained.
The Minority Caucus walked out of the chamber before the presentation of the 2025 Mid-year review.
