The President of the Association of Ghana Industries (AGI) for Greater Accra, Tsonam Akpeloo, has expressed strong support for Ghana’s 2025 budget, describing it as promising and sustainable, particularly for the private sector. He emphasized that the government’s decision to scrap the Electronic Transaction Levy (E-Levy) will significantly benefit businesses, especially Small and Medium Enterprises (SMEs), which rely heavily on mobile money transactions. Akpeloo noted that the E-Levy’s removal would ease the financial burden on businesses, many of which faced double charges due to the levy.

Speaking at the Oxfam Tax Dialogue on Channel One TV, Akpeloo acknowledged that while the 2025 budget presents a positive shift, some concerns remain. He pointed out that the budget offers a more stabilized outlook for the private sector, especially due to the removal of taxes like the E-Levy, which had been a major issue for many businesses in Ghana. He also suggested that further adjustments in tax policies could help reduce the tax-to-GDP ratio, currently at 40%, aiming to lower it to around 20%.

The 2025 budget also includes several tax reductions to lighten the financial burden on businesses and individuals in Ghana. Key measures announced by the Finance Minister, Dr. Cassiel Ato Forson, include the abolition of the 1% E-Levy, betting tax, emissions levy on industries and vehicles, VAT on motor vehicle insurance, and a 1.5% withholding tax on small-scale gold miners’ winnings. These reforms are designed to foster a more business-friendly environment and support economic recovery in Ghana.

To formalize these changes, Dr. Forson has introduced several bills before Parliament, including the Electronic Transfer Levy (Repeal) Bill 2025, the Emissions Levy (Repeal) Bill 2025, and the Income Tax Amendment Bill 2025. These bills aim to officially repeal the E-Levy, remove the emissions levy, and abolish the withholding tax on betting winnings, ensuring that the promises made in Ghana’s 2025 budget are implemented. The overall focus is on easing the tax burden and promoting a sustainable economic environment in Ghana.

source: citi newsroom