“We remain committed to the pursuit of the 24-Hour Economy Policy” – Ato Forson

As part of the budget presentation for 2025, Finance Minister Dr. Cassiel Ato Forson reiterated the government’s commitment to the 24-Hour Economy Policy.

By encouraging 24/7 economic activity, the program seeks to revolutionize Ghana’s economy by increasing economic development and productivity.

Ato Forson emphasized the significance of the 24-Hour Economy Policy in tackling the nation’s economic issues during his presentation of the government’s 2025 Budget Statement and Economic Policy in Parliament on Tuesday, March 11.

“We remain committed to the pursuit of the 24-Hour Economy Policy,” he stated, emphasising that the policy is crucial for enhancing our economic resilience and ensuring sustainable growth,” he stated.

Dr. Forson added that the government will eventually submit the proposal to Parliament.

Dr. Cassiel Ato Forson, the Finance Minister, declared that the government was going to abolish the 10% lottery winnings tax, often known as the betting tax, and the Electronic Transaction Levy (E-levy).

On Tuesday, March 11, the Minister made this announcement while presenting the government’s first budget statement to Parliament.

The Minister also declared that the emissions tax and other fees would be eliminated.

He also declared that the government was going to abolish the COVID-19 levy as part of an effort to overhaul the Value Added Tax structure.

However, the Minister did not say when or how soon these cancellations will happen.

“We have programmed the following taxes for removal in line with our manifesto promises. Mr speaker, we will abolish the 10% tax on winning from lottery,” he said.

The government will also eliminate the 10% withholding tax on betting, the emission levy, and the VAT on motor vehicle insurance policies.”

The country’s mining industry, especially its smaller operators, is anticipated to benefit from Dr. Forson’s announcement that the 1.5% withholding tax on processed gold for small-scale miners will be eliminated.

“The removal of these taxes will ease the burden on households and improve their disposable income. It will support business growth and improve tax compliance,” Ato Forson added.

Source: Ghanatodayonline.com