Thomas Nyarko Ampem rules out new taxes in 2027 Budget

Deputy Finance Minister Thomas Nyarko Ampem has announced that the government will not introduce any new taxes in the upcoming 2027 Budget Statement and Economic Policy. Speaking during a meeting with the Parliamentary Press Corps, Ampem confirmed that the fiscal plan, which Finance Minister Dr. Cassiel Ato Forson is scheduled to present on November 12, focuses on providing relief to citizens and businesses while maintaining fiscal discipline.

To fund the government's flagship programmes without increasing the tax burden, the administration plans to rely on expenditure rationalisation and significant cuts in government spending. This shift in strategy aims to improve the efficiency of resource allocation, ensuring that priority development projects are adequately funded through savings within the existing fiscal framework rather than through additional revenue measures. The Deputy Minister emphasised that the focus is on the efficient use of resources for priority development programs.

A key component of the 2027 budget will be the strategic deployment of petroleum revenues for major infrastructure projects. Specifically, the government intends to utilise these funds to accelerate the Accra-Kumasi Expressway. This project is viewed as a critical link to enhance road connectivity and facilitate smoother transportation between Ghana’s major economic hubs, demonstrating a commitment to infrastructure-led growth through targeted investment.

The decision to forgo new taxes comes as the government seeks to balance economic growth with fiscal sustainability. By focusing on spending cuts and the Accra-Kumasi Expressway, the 2027 Budget aims to stimulate economic activity without further straining the disposable income of Ghanaians. The full details of these measures and the broader economic policy will be unveiled when Dr. Ato Forson addresses Parliament later this month.