Parliament Approves Landmark Tax and Fiscal Reforms: A Giant Step Towards Economic Transformation

In a historic and sweeping policy overhaul, Parliament yesterday approved a series of transformative tax amendment bills aimed at enhancing revenue efficiency, easing financial burdens, and realigning key government funds to drive national development.

The passage of these bills marks a major victory for economic reform and a significant step in fulfilling the government’s commitment to a more progressive and balanced tax system.

The reforms, spearheaded by Finance Minister Dr. Cassiel Ato Forson, are expected to stimulate economic growth, support businesses, and provide much-needed relief to individuals.

Sweeping Tax Reforms: A Game-Changer for Businesses and Individuals

Among the most significant changes is the repeal of the Electronic Transfer Levy (E-Levy), a tax on mobile money transactions that had sparked public outcry since its introduction. Its elimination is expected to boost digital transactions, encourage financial inclusion, and provide relief to millions of Ghanaians who rely on mobile money services for daily transactions.

Additionally, the Income Tax (Amendment) Bill, 2025 introduces substantial tax relief measures, including the abolition of the 10% withholding tax on bet winnings and gaming, as well as the removal of the 1.5% withholding tax on unprocessed gold from small-scale miners. These changes aim to promote fair taxation, increase compliance, and support the local gold and gaming industries.

The full list of bills passed includes:

Key Tax Amendments Passed by Parliament

• Electronic Transfer Levy (Repeal) Bill, 2025 – Eliminates the E-Levy, providing relief to mobile money users and businesses.
• Income Tax (Amendment) Bill, 2025 – Abolishes the 10% withholding tax on bet winnings and gaming, as well as the 1.5% withholding tax on unprocessed gold from small-scale miners.
• Emissions Levy (Repeal) Bill, 2025 – Scraps the carbon emissions levy, reducing operational costs for businesses.
• Earmarked Funds Capping and Realignment (Amendment) Bill, 2025 – Uncaps key statutory funds to boost education, healthcare, and road infrastructure.
• Revenue Administration (Amendment) Bill, 2025 – Strengthens tax collection and compliance mechanisms.
• Growth and Sustainability Levy (Amendment) Bill, 2025 – Adjusts levy rates to ensure a fairer tax burden across industries.
• Ghana Infrastructure Investment Fund (Amendment) Bill, 2025 – Restructures revenue sources to strengthen funding for infrastructure projects.
• Special Import Levy (Amendment) Bill, 2025

Uncapping Essential Funds to Strengthen Development

A defining moment in the fiscal reforms was the uncapping of several critical statutory funds, allowing for the full allocation of resources to key sectors, including education, healthcare, and road maintenance.

* Ghana Education Trust Fund (GETFund) – Ensures dedicated financing for free secondary education and free tertiary education for Persons with Disabilities.

* National Health Insurance Levy – Unlocks additional resources for healthcare services, including the purchase of essential medicines, vaccines, Free Primary Healthcare, and bridging USAID financing shortfalls.

* Road Fund – Guarantees full disbursement of funds for road maintenance, ensuring the improvement of Ghana’s road infrastructure.

* Mineral Income Investment Fund, Ghana Infrastructure Investment Fund, and Ghana National Petroleum Corporation (GNPC) Revenue Sources – Have all been restructured to enhance long-term financial sustainability.

What’s Next?

With Parliament’s approval secured, these landmark amendments are now set to be signed into law by President John Dramani Mahama, ushering in a new era of economic transformation, fiscal responsibility, and tax fairness.

Ghanaians can now anticipate a tax system that prioritizes economic expansion, eases financial burdens, and drives national development.

The approval of these reforms is not just a policy shift—it is a decisive step toward a stronger, more prosperous Ghana.

Distributed by APO Group on behalf of Ministry of Finance – Republic of Ghana.

The post Parliament Approves Landmark Tax and Fiscal Reforms: A Giant Step Towards Economic Transformation first appeared on Future Media News.

The post Parliament Approves Landmark Tax and Fiscal Reforms: A Giant Step Towards Economic Transformation appeared first on Future Media News.