Ghana Finance Minister Forson Unveils Tax‑Revenue Drive and New Economy Plan

Ghana’s government is pushing a major fiscal overhaul as part of its IMF Policy Coordination Instrument programme. Tax analysts warn that the country’s tax‑to‑GDP ratio is below 18 % and aim to lift it to 15 % by the end of 2026 through VAT reforms, electronic point‑of‑sale roll‑out and AI‑driven customs valuation, which officials say already adds about $1 billion a year.

Finance Minister Dr. Cassiel Ato Forson announced a comprehensive “new economy” framework to be presented in the 2027 budget. The plan targets strategic investment in commercial agriculture, mining value‑addition, gas‑to‑power and gas‑to‑fertiliser projects, and transport infrastructure such as the Western Railway Line. The government seeks financing from export credit agencies, hedge funds and private investors while tightening spending controls that have reduced public expenditure from 18.7 % to 13.5 % of GDP.

Economist Prof. Isaac Boadi warned that without new revenue sources the deficit could deepen, urging the formalisation of the informal sector and improved digital taxation. Tax analyst Francis Timore Boi highlighted the risk of returning to IMF bailouts if revenue mobilisation does not improve. The reforms are presented as essential to restore fiscal space after the 2022 debt crisis and to sustain the recent economic recovery, which includes 6 % GDP growth in 2025 and a crossing of the $100 billion threshold.