The Finance Minister Dr Cassiel Ato Forson has submitted the 2025 Budget to Cabinet for the necessary scrutiny ahead of its presentation to Parliament on March 11.
The Cabinet meeting, which was chaired by President John Mahama also ensured that the budget and some key policy proposals get the buy in of the entire government.
Focus
The presentation by Dr Ato Forson was also to ensure that whatever the Finance Minister presents to Parliament is in line with promises made by the National Democratic Congress to Ghanaians during the election campaign period last year.
The presentation will also enable Cabinet to assess the political cost of some of the measures the government is planning to introduce in the budget.
Sources have told JOY BUSINESS that there could be instances where the Cabinet could step down some proposed policy measures that have been put across.
Tax proposals and expenditure cuts
There are strong indications that Dr Forson will insist on proposed expenditure cuts based on the current challenges facing the economy. However, it is not clear for now the areas that will be affected by the cuts.
Dr Forson also presented to Cabinet his plan to rationalize the current tax structure, including the Value Added Tax. The government has given the assurance that it will press ahead with plans to remove some taxes, including Betting Tax, e-levy and COVID-19 levy.
The Economic Adviser to the President, Seth Terkper has told JOYBUSINESS government is hopeful that strict tax compliance should help close the expected revenue gap as a result of the decision to remove some taxes.
Dr Forson is expected to present the final document to Parliament on Tuesday, March 11, 2025.
Source: My Joy Online