The government has ruled out introducing new taxes in 2027, saying it will rely on expenditure cuts and savings from spending rationalisation to fund its priority programmes.
Deputy Finance Minister Thomas Nyarko Ampem disclosed this during a closed-door engagement with members of the Parliamentary Press Corps ahead of the presentation of the 2027 Budget Statement and Economic Policy on Thursday, November 12.
Nyarko Ampem, who is also the Member of Parliament for Asuogyaman, said Finance Minister Dr Cassiel Ato Forson would provide details of the government’s plans to mobilise and allocate resources without imposing additional tax measures.
He said savings from reductions in government expenditure would create the fiscal space needed to finance flagship programmes and priority development projects.
The government’s position places expenditure control and improved public spending efficiency at the centre of its financing strategy for 2027.
The no-new-taxes assurance comes as businesses and households look to the budget for clarity on the government’s revenue and spending plans, particularly their implications for the cost of living and economic activity.
Nyarko Ampem further indicated that the budget would outline plans for the use of petroleum revenue in the coming years.
He said the Finance Minister was expected to explain how oil revenues would support infrastructure development and other national priorities, following the government’s decision to use petroleum inflows to fully fund the proposed Accra-Kumasi Expressway.
The expressway is expected to improve road transportation between Accra and Kumasi, two of the country’s major economic centres.
