Finance Minister, Amin Adam Assures Ghanaians Won’t Be Overburdened With Taxes

Finance Minister Dr. Mohammed Amin Adam has assured Ghanaians that the government is committed to easing the tax burden on its citizens. Speaking at a press briefing on Saturday, April 13, Dr. Amin Adam highlighted the government’s determination to pursue alternative revenue collection methods rather than burdening the populace with additional taxes.

The Minister’s assurance comes after Ghana’s attainment of a staff-level agreement with the International Monetary Fund (IMF) on the Extended Credit Facility (ECF) arrangement. This agreement underscores the government’s commitment to bolstering the nation’s fiscal stability without unduly imposing financial strain on its citizens.

One notable measure highlighted by Dr. Amin Adam is the government’s intention to crack down on tax evasion and ensure compliance among businesses and individuals alike. By leveraging enforcement mechanisms, the government aims to bridge the revenue gap created by suspending certain taxes, such as the 15 per cent Value Added Tax (VAT) on electricity consumption and the annual levy on petrol and diesel vehicle owners.

While beneficial to consumers, suspending these taxes has necessitated alternative revenue-generation strategies to sustain vital government programs and initiatives. Dr. Amin Adam acknowledged the fiscal challenges posed by the revenue gap but reiterated the government’s commitment to minimizing the impact on taxpayers.

“Rather than burdening the few Ghanaian taxpayers with additional levies, we are determined to pursue those who have not been fulfilling their tax obligations,” Dr. Amin Adam said.