KPMG Survey: Ghanaian businesses demand fiscal discipline and tax reforms

Ghanaian businesses are expressing strong confidence in the new government’s economic direction, with 80% of respondents in the 2025 Pre-Budget Survey optimistic that the upcoming national budget will drive economic recovery.

The survey, conducted by KPMG Ghana and the UNDP, engaged 233 businesses across 10 sectors, capturing their expectations and concerns ahead of the budget presentation.

Strong Demand for Tax Relief
A key finding from the survey is the overwhelming demand for tax cuts, particularly the abolition of the e-levy and COVID-19 levy, which many businesses argue are stifling growth. More than half of the respondents support scrapping these levies, even though doing so could result in a revenue shortfall of GHS 6.4 billion.

To mitigate this gap, businesses are urging the government to expand the tax base by incorporating the informal sector, reintroduce road tolls, and tap into digital taxation within the e-commerce sector.

Support for the 24-Hour Economy
There is also strong backing for the proposed 24-hour economy, with 72% of respondents believing it has the potential to boost job creation and economic prosperity.

However, businesses stress that for this policy to succeed, the government must ensure enhanced security, stable electricity, improved transport infrastructure, and tax incentives to support round-the-clock operations.

Fiscal Discipline and Transparency
Concerns over government spending remain high, with businesses advocating for measures to curb wasteful expenditures, improve transparency in public procurement, and restructure loss-making state-owned enterprises.

Sustainability and Environmental Concerns
Beyond fiscal policies, businesses are calling for greater focus on Sustainable Development Goals, particularly in areas such as Decent Work and Economic Growth, Quality Education, and Poverty Reduction.

Additionally, there is growing demand for stricter government action against illegal mining, with 50% of respondents emphasizing the need for stronger interventions.

The survey reflects a broad consensus among businesses that strategic reforms, coupled with fiscal discipline and supportive policies, could pave the way for a more resilient and thriving economy.