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Deloitte Ghana Flags Revenue Risks in 2025 Budget Analysis Report

7 months ago
in Business, Economy, Features, highlights, Home, home-news, latest News
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A customer counts Ghana cedi banknotes at the Nima market in Accra, Ghana on Monday, March 11, 2024

A customer counts Ghana cedi banknotes at the Nima market in Accra, Ghana on Monday, March 11, 2024

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Deloitte Ghana Flags Revenue Risks in 2025 Budget Analysis Report

Deloitte Ghana has cautioned that the government’s decision to abolish “nuisance taxes” in the 2025 Budget could undermine efforts to meet its ambitious revenue target of GHS 224.9 billion.

The firm’s latest budget analysis highlights potential revenue losses following the removal of the Electronic Transaction Levy (E-Levy), Betting Tax, and Emissions Levy, as announced by Finance Minister Dr. Cassiel Ato Forson.

While Deloitte acknowledged the government’s revenue-enhancing measures designed to mitigate the impact of these tax cuts, it underscored the importance of broad-based stakeholder engagement to ensure policy effectiveness.

Mining Sector Faces Potential Headwinds

Deloitte has warned that the proposed increase in the Growth and Sustainability Levy for mining companies could stifle growth in the sector if not carefully managed.

The firm also assessed the government’s plan to reintroduce road tolls through a technology-driven system, noting that while the initiative could enhance collection efficiency, a rigorous cost-benefit analysis would be essential to ensure its viability.

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Broadening the Tax Base Remains Critical

Beyond these specific measures, Deloitte urged authorities to accelerate efforts to widen the tax net, particularly within the informal sector, which represents a substantial but largely untapped revenue source.

It recommended leveraging digital technologies, tax education, and regulatory simplifications to improve compliance.

The 2025 Budget projects total revenue and grants of GHS 224.9 billion, marking a significant increase from GHS 186.6 billion in 2024. The government expects tax revenues to reach GHS 181.6 billion, accounting for 80.7% of total projected inflows, driven by additional revenue measures equivalent to 0.6% of GDP.

Deloitte concluded that while the revenue targets remain ambitious, their realization hinges on the successful implementation of fiscal reforms, effective policy execution, and sustained stakeholder confidence.

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