The government has announced that the 2027 Budget Statement and Economic Policy will introduce no new taxes, offering potential relief to businesses and households amid ongoing concerns about taxation, the cost of living and economic growth.
The 2027 Budget is scheduled to be presented to Parliament on Thursday, November 12, with the government planning to finance its flagship programmes and priority development projects through savings generated from expenditure rationalisation and reductions in public spending.
The Finance Ministry’s position is expected to be one of the major highlights of the upcoming budget, particularly as Ghanaians await details of the government’s fiscal policy direction and its impact on the national economy.
Deputy Finance Minister and Member of Parliament for Asuogyaman, Thomas Nyarko Ampem, disclosed the government’s decision during a closed-door meeting with members of the Parliamentary Press Corps ahead of the budget presentation.
Nyarko Ampem explained that Finance Minister Dr Cassiel Ato Forson would use the budget presentation to outline how the government intends to mobilise financial resources and distribute them across key development priorities without imposing additional taxes.
According to him, the administration plans to create the necessary financial space by cutting government expenditure, improving spending efficiency and eliminating unnecessary public costs.
The approach signals a stronger focus on fiscal discipline, prudent management of public funds and expenditure control as the government seeks to finance major economic and social interventions without increasing the tax burden on individuals and businesses.
2027 Budget to Outline Ghana’s Petroleum Revenue Plans
The Deputy Finance Minister further disclosed that the 2027 Budget Statement would provide additional details about the government’s plans for managing and utilising petroleum revenues in the coming years.
He indicated that Dr Cassiel Ato Forson would explain how oil revenue will be allocated to support critical infrastructure projects and other national development priorities.
Particular attention is expected to be given to the government’s decision to use petroleum revenue to fully finance the proposed Accra-Kumasi Expressway.
The major road infrastructure project is expected to improve transportation between Accra and Kumasi, Ghana’s two largest economic centres, while reducing travel time, improving trade and strengthening economic connectivity.
The expressway is among the significant infrastructure developments expected to support Ghana’s long-term economic transformation.
The November 12 budget presentation is therefore expected to provide important details on government spending, revenue mobilisation, petroleum revenue management, infrastructure financing and measures to strengthen Ghana’s economy in 2027.
Source: newsthemegh.com