GHANA BUDGET 2025: Govt To Scrap E-Levy, COVID-19 Levy And Introduce New Economic Policies

The National Democratic Congress (NDC) government under leadership of H.E John Dramani Mahama has announced plans to abolish the Electronic Levy (E-Levy) and the COVID-19 Levy in the upcoming 2025 budget, set to be presented on March 11, 2025.

This move is part of the government's 120-day Social Contract, which outlines 26 key pledges aimed at revitalizing the economy and easing the financial burden on citizens.

The removal of these levies is expected to bring significant relief to many Ghanaians, who have been grappling with economic challenges.

According to Minister of State for Government Communications, Felix Kwakye Ofosu, the government is committed to delivering on its campaign promises.

"The finance minister has clearly indicated that we are on course to meeting those promises. So when on Tuesday he unveils the details of his budget, you will find that we have kept faith with the people of Ghana regarding the specific promises we made in the 120-day social contract," Ofosu stated.

In addition to scrapping the E-Levy and COVID-19 Levy, the government plans to review taxes and levies on vehicles and equipment imported for industrial and agricultural purposes. 

This move is expected to boost economic growth and development. Furthermore, the government intends to launch the 24-Hour Economy Policy, implement a 'No-Academic-Fee' policy for all first-year students in public tertiary institutions, and establish a Women's Development Bank.

Addressing concerns about Ghana's currency depreciation, Ofosu stated, "In terms of the currency, the finance minister will highlight measures both within the long term and medium term to address the financial weaknesses within our economy, one of which is rapid currency depreciation."

He added that the government, in collaboration with development partners and other stakeholders, would propose "appropriate measures for addressing this perennial challenge of currency depreciation"

Overall, the 2025 budget is expected to outline comprehensive policies aimed at economic stabilization and growth, while delivering on key campaign promises.

Story By :Phalonzy