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Gov’t to Intensify Revenue Generation in 2025 with New Taxes and Digital Solutions, Deloitte Predicts

7 months ago
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Gov’t to Intensify Revenue Generation in 2025 with New Taxes and Digital Solutions, Deloitte Predicts

Audit and advisory firm, Deloitte, says it expects the Government to ramp up its revenue generation efforts in 2025.

According to Deloitte, the strategy for ramping up revenue includes hikes in existing taxes and tariffs, the introduction of a green tax, and the reintroduction of road and bridge tolls.

Additionally, the government plans to implement an electronic bookkeeping system and a simplified digital platform to streamline the administration of its modified tax scheme, aiming to expand the tax base.

ln its 2024 West Africa Focus report, titled “A Sneak Preview of 2025: What Lies Ahead?”, Deloitte projects that these measures will help reduce Ghana’s fiscal deficit as a percentage of GDP, from an estimated 4.4% in 2024 to 3.9% in 2025, with further narrowing to 3.6% by 2026.

Deloitte, however, warns that while these efforts may help improve the country’s fiscal health, a restrictive fiscal policy designed to generate more revenue could exacerbate inflationary pressures.

Nonetheless, if the additional revenue generated is directed toward capital investments, the resultant improvements in productivity, efficiency, and output may help mitigate the inflationary impact.

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Deloitte’s projection of increment in existing taxes and tariffs coupled with the introduction of new taxes stands in contrast to promises made by President-elect John Mahama to repeal taxes such as the COVID levy, E-Levy, and 10% levy on bet winnings in the first four months of 2025.

According to Fitch Ratings, the removal of the aforementioned taxes will have minimal fiscal impact on the Ghanaian economy, as the combined revenue generated from the taxes amounts to 3% of total revenue.

 

Tags: Deloitte PredictsDigital solutionsGov't to Intensify Revenue Generation in 2025 with New Taxes and Digital Solutionsnew taxesrevenue generation

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