- President-Elect Mahama Vows to Simplify Tax Regime
- E-Levy, Other "Nuisance" Taxes to be Abolished
- Mahama Unveils Economic Transformation Agenda
President-elect John Mahama has outlined plans to remove what he describes as nuisance taxes, arguing that this move, alongside proposed expenditure cuts and an expanded tax net, will help close the country’s revenue gap.
In an interview with the Global South World News Network, Mahama emphasized the need for a simpler tax regime to facilitate easier computation and compliance for businesses and households. He stated that his government would focus on fiscal reforms that prioritize reducing expenditure and increasing revenue without imposing additional taxes.
“We will embark on fiscal reforms by bringing down expenditure and increasing revenue but not additional taxes. Instead, we will focus on smart borrowing and looking at non-tax revenues. I think a combination of all that will help the economy,” Mahama said.
He further elaborated on his plan to simplify the Value Added Tax (VAT) system, proposing the use of Point of Sale (POS) devices for streamlined collection, which he believes will enhance transparency.
“We will cut expenditure by operating with small ministers. We will abolish the e-levy and some taxes that have become a burden on businesses and households. We will not burden Ghanaians with endless tax audits and harass you with the Economic and Organised Crime Office,” Mahama added.
The president-elect also addressed reforms in the VAT system, promising to provide relief for households and businesses. He stated that his administration would reverse the decoupling of the GETFund and NHIL from VAT, adjust the VAT registration threshold to exempt micro and small businesses, and repeal the law imposing VAT on domestic electricity consumption.
Looking forward, Mahama outlined an Economic Transformation Agenda that would prioritize agriculture and value addition. His government also intends to review and enforce fiscal responsibility measures, restructure the Bank of Ghana, and investigate the economic policies of the outgoing New Patriotic Party (NPP) administration, including the controversial Gold-for-Oil initiative.
John Mahama is set to be sworn in as president on January 7, 2025, following his victory in the 2024 general elections. He secured 6,328,397 votes, or 56.55% of the total, defeating Dr. Mahamudu Bawumia, the vice president and presidential candidate of the NPP, who garnered 4,657,304 votes, or 41.61%.
