The Minister for Finance, Ken Ofori-Atta, is scheduled to present the highly anticipated 2024 Budget Statement and Economic Policy in Parliament on Wednesday, November 15. This crucial address aims to lay out the government’s strategies for revenue generation and unveil policies geared towards alleviating the current economic challenges faced by the people of Ghana.
On Tuesday, October 31, Speaker Alban Bagbin underscored the importance of scrutinizing the budget to ensure it comprehensively addresses the needs of all Ghanaians.
Emphasizing a consultative and consensus-building approach, Speaker Bagbin expressed confidence in the House’s capacity and experience in budget approval deliberations during the upcoming session.
He urged swift passage of the Budget Bill to facilitate the engagement of technical personnel, aligning Parliament with recent legislative imperatives. “As our oversight responsibility requires, we will have to scrutinize the budget to ensure that it serves the needs of all Ghanaians,” he remarked in his welcome address.
In anticipation of the budget presentation, the Institute of Statistical, Social and Economic Research (ISSER) has recommended a freeze on new tax exemptions for foreign companies in the proposed 2024 Budget.
ISSER’s suggestions extend to a thorough review of tax exemptions for free zones and extractive industries, citing an annual loss of about ¢25 billion through such exemptions.
Among the indirect tax measures proposed by ISSER, a notable recommendation is the reduction of the Electronic Transfer Levy rate from 1.5% to 1% of the transaction value. Additionally, ISSER advocates for the elimination of the daily threshold, aiming to enhance the effectiveness of these measures in light of the current economic landscape.
