No new taxes in mid year budget – GUTA says Finance Minister has assured them

The Ghana Union of Traders Association (GUTA) has said that Finance Minister Dr Mohammed Amin Adam has assured that there will not be new taxes introduced in the mid-year budget for 2024.

GUTA president Dr. Joseph Obeng said that this is welcoming news to the association

“We have actually engaged with the Ministry and they have given the assurance that no new taxes are going to be imposed on us. It gives us to conform and assurance,” he told TV3 on Monday.

The Finance Minister Dr. Mohammed Amin Adam, per Section 28 of the Public Financial Management Act, 2016 (Act 921), will be presenting to Parliament, the Mid-Year Fiscal Policy Review of the Budget Statement and Economic Policy of the Government of Ghana for the 2024 Financial Year today Tuesday, July 23.

A statement issued by the Finance Ministry said that the Mid-year review offers an update on the implementation of the 2024 Budget, with insights into the economic and fiscal performance for the first half of the year, including updates on growth measures, revenue, and expenditure performance, financing, debt sustainability, and related matters as well as the IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).

The document will also highlight budget implementation for the rest of the year and a possible review of proposed policies on growth with a focus on SME growth, status on implementation of key government programmes, revenue measures, and expenditure controls, and financing adjustments based on the half-year performance.

“This is the first time Dr. Amin Adam will be making a statement in Parliament since assuming office as Finance Minister in February 2024,” the statement stressed.