Finance Minister Dr. Cassiel Ato Forson has reaffirmed the government’s intention to finish a thorough examination of the Value Added Tax (VAT) regime process and put the required changes into effect in time for the upcoming national budget.
Since the current system presented serious difficulties for firms nationwide, he added, the overhaul was essential.
Ghana’s efforts to thoroughly evaluate the VAT regime were updated by the Minister during a recent meeting with Mr. Wencai Zhang, Managing Director and Chief Administrative Officer of the World Bank Group.
“I informed Mr. Zhang that an IMF Technical Assistance Mission is currently in Ghana, working closely with us to support this important review process,” he said.
It is important to note that Ghana’s effective VAT rate of 21.9%, which may be the highest in Africa, has led to operational inefficiencies and compliance issues.
“We are fully aware of these issues, and I assured our partners that a complete overhaul of the VAT system is actively under consideration,” he continued.
According to him, the administration is on schedule to implement these adjustments by November 2025.
Source: newsthemegh.com