The Minister for Finance, Dr. Cassiel Ato Forson, has stated that Ghana deserves its fair share of super-normal profits from large-scale gold mining operations.
According to him, the government has taken decisive steps to ensure that mining companies contribute more to national development through increased taxation on their windfall profits.
Dr. Forson noted that this move is part of a broader set of fiscal reforms aimed at strengthening the economy and reducing financial burdens on citizens.
“President John Mahama yesterday officially signed several game-changing bills into law, and I’m excited to share what this means for YOU!
1. E-Levy Repealed!
No more Electronic Transfer Levy! This means more money in your pocket and cheaper mobile money transactions. Digital payments just got easier!
2. No Tax on Lottery & Betting Winnings!
You win, you keep it all!
Plus, we’re tackling gold smuggling by removing the tax on unprocessed gold.
3. More Money for Development!
We are freeing up GHS 3.8 billion by adjusting the tax refund ceiling.
These funds will go straight into free sanitary pads, school feeding programs, the capitation grant, LEAP programs, and other essential social interventions,” he wrote in a Facebook post on Thursday, April 3.
The Finance Minister also emphasized the strengthening of public procurement laws.
He indicated that under the revised legislation, government-funded projects cannot commence without prior approval through commencement certificates.
This, he said, would prevent stalled projects and unnecessary financial waste.
READ FULL STATEMENT BELOW
BIG WINS FOR GHANA! PRESIDENT MAHAMA ASSENTS TO KEY BILLS
Great news, Ghana!
President John Mahama yesterday officially signed several game-changing bills into law, and I’m excited to share what this means for YOU!
1. E-Levy Repealed!
No more Electronic Transfer Levy!
This means more money in your pocket and cheaper mobile money transactions. Digital payments just got easier!
2. No Tax on Lottery & Betting Winnings!
You win, you keep it all!
Plus, we’re tackling gold smuggling by removing the tax on unprocessed gold.
3. More Money for Development!
We are freeing up GHS 3.8 billion by adjusting the tax refund ceiling. These funds will go straight into free sanitary pads, school feeding programs, the capitation grant, LEAP programs, and other essential social interventions.
4. Uncapped Funds for Health, Education & Roads!
More money for hospitals, schools, and road repairs. Free secondary education and free tertiary education for Persons with Disabilities are now properly funded!
5. Stronger Fiscal Rules!
Amendments to the PFM Act mean NO MORE reckless spending.
Officials will now be held accountable for any financial mismanagement.
• Independent Fiscal Council established to enforce discipline and transparency.
• A debt rule of 45% of GDP by the end of 2034.
• A primary surplus of 1.5% of GDP every year from now till 2034 to ensure sustainable finances.
6. Stronger Public Procurement Laws!
The revised Public Procurement Authority law ensures commencement certificates are a prerequisite before awarding any publicly funded contract. This means no more stalled projects or wasteful spending!
7. All Oil Revenues Go to Infrastructure!
Under The Big Push, every pesewa of Ghana’s oil revenue will now go into major roads, bridges, and infrastructure projects.
8. No More VAT on Motor Insurance!
Drivers and commuters, this one’s for you! Removing VAT on motor insurance means lower costs and fairer pricing.
9. Goodbye, Emissions Levy!
While we remain committed to fighting pollution, this tax was not the way to do it. We are working on better, greener solutions.
10. Slightly Higher Taxes for Mining Companies!
Ghana deserves its fair share of super-normal profits from Big Gold Mines! Gold mining companies will now pay more to support our economy.
This is a huge step forward for Ghana!
We are making life easier, reducing financial burdens, and building a stronger economy.
More relief, more development, more progress!
Let’s keep moving forward together! #ResettingGhana #BudgetForThePeople
