Cassiel Ato Forson confirms no new taxes in 2027 budget

Finance Minister Dr. Cassiel Ato Forson has officially announced that the government will not introduce any new taxes for the 2027 fiscal year. Presenting the 2027 Budget and Economic Policy Statement to Parliament on November 12, 2026, the Minister emphasized that the administration's fiscal strategy will shift away from additional tax burdens toward maximizing efficiency within the existing framework. This commitment is intended to provide relief to households and create a more predictable economic environment for private sector growth.

Instead of creating new levies, the government plans to bolster revenue by closing administrative loopholes and addressing systemic inefficiencies. Dr. Forson detailed plans to modernize the Income Tax Act and review customs tariffs to ensure consistent and fair application of tax laws. Key administrative reforms will include enhancing compliance mechanisms and reviewing Double Taxation Agreements to prevent tax evasion while protecting legitimate investments. The Minister stressed that the priority for 2027 is ensuring that all taxes already mandated by law are collected legally and effectively.

The decision to hold the line on taxes follows a series of fiscal interventions initiated since 2025. The government highlighted its track record of reducing the tax burden through the abolition of several levies, including the Electronic Transfer Levy (E-Levy), the COVID-19 Health Recovery Levy, and the Emissions Levy. Other previous removals include the withholding tax on betting and lottery winnings and VAT on motor vehicle insurance. These measures were presented as part of a broader agenda to stimulate indigenous industrialization and support local businesses.

The announcement aligns with recent calls from industry groups, such as the Ghana National Chamber of Commerce and Industry, which had advocated for expanding the tax base rather than increasing existing rates. Currently, Ghana’s tax structure includes a 20% VAT rate, a top personal income tax rate of 35%, and a 25% corporate income tax rate. By focusing on modernization and the fair treatment of taxpayers, the government expects to meet its revenue targets without further straining the economy, positioning the 2027 budget as a tool for stabilization and private sector empowerment.