The government has announced that the 2027 Budget Statement and Economic Policy, scheduled to be presented to Parliament on Thursday, November 12, will introduce no new taxes.
The Finance Ministry says the government intends to rely on savings generated through expenditure rationalisation and spending cuts to finance its flagship programmes and priority development projects.
The announcement is expected to be a major feature of the upcoming budget, particularly as businesses and households continue to monitor the government’s fiscal policies and their potential impact on the cost of living and economic activity.
Deputy Finance Minister and Member of Parliament for Asuogyaman, Thomas Nyarko Ampem, disclosed the government’s position during a closed-door engagement with members of the Parliamentary Press Corps ahead of the budget presentation.
Nyarko Ampem explained that the Finance Minister, Dr Cassiel Ato Forson, would outline how the government intends to mobilise and allocate resources to implement its priority programmes without introducing additional tax measures.
According to him, savings from reductions in government expenditure are expected to provide the financial space required to support the administration’s development agenda.
The position suggests that the government intends to place greater emphasis on expenditure efficiency, controlling public spending and ensuring that available resources are directed towards programmes with significant economic and social benefits.
Nyarko Ampem also indicated that the 2027 Budget will provide further details on government’s plans for the utilisation of petroleum revenue in the coming years.
He said the Finance Minister is expected to explain how oil revenues will be deployed to support infrastructure development and other national priorities following the decision to use oil inflows to fully fund the proposed Accra-Kumasi Expressway.
The expressway is one of the major infrastructure projects expected to transform road transportation between Ghana’s two largest economic centres.