Deloitte asserts that Ghana’s economy requires structural adjustments despite positive recovery signs in 2024. The 2025 Budget Statement proposes revenue mobilization strategies and tax reforms, including VAT adjustments, aimed at stabilizing the economy. The firm highlights the significance of the 24-Hour economy initiative and emphasizes the need for specific details to ensure effective implementation and sustainable growth.
According to Deloitte, Ghana’s economy, despite showing signs of recovery in 2024, necessitates structural adjustments to ensure sustainable economic growth and manageable debt levels. The firm emphasizes that the government’s initiatives within the 2025 Budget Statement aim to stabilize the economy and enhance macroeconomic indicators through domestic revenue mobilization and expenditure rationalization measures.
A notable element in the 2025 Budget Statement is the proposal to abolish certain taxes and reform the Value Added Tax (VAT) system. Deloitte acknowledged the anticipated benefits of VAT reform for the business community and expressed hope for its implementation within the current calendar year. There is also an expectation for the realignment of import duties on production inputs to foster business growth and job creation.
Deloitte seeks specific details regarding the implementation of the 24-Hour economy initiative, a policy introduced by the previous administration intended to boost job creation and promote sustainable economic growth. This policy was discussed during the recent presentation of the 2025 Budget Statement to Parliament, indicating the current government’s commitment to it.
The firm notes the significant challenges the Ghanaian economy has faced, particularly due to the International Monetary Fund’s Extended Credit Facility program aimed at restoring macroeconomic stability and achieving debt sustainability. Deloitte underscores the necessity of tightening fiscal responsibility rules to address the prevailing debts, particularly in the energy sector.
In conclusion, Deloitte emphasizes the critical need for structural adjustments within Ghana’s economy to ensure sustainable growth and manageable debt levels. The government’s 2025 Budget Statement introduces vital changes, including proposed tax reforms and the potential for a 24-Hour economy policy aimed at job creation. These measures are crucial. However, the successful implementation of such policies remains contingent upon specific details and effective governance.
Original Source: 3news.com
