Gov’t to keep spending within approved limits while cutting VAT burdens – Ato Forson

According to Dr Forson, the government has abolished the COVID-19 Health Recovery Levy and restructured the VAT system by decoupling the Ghana Education Trust Fund (GETFund) Levy and the National Health Insurance Levy (NHIL) from the VAT base, making both eligible for input tax deductions.

The Finance Minister also outlined what he described as the most ambitious reforms to Ghana's Value Added Tax (VAT) system in more than a decade, saying the measures are aimed at eliminating longstanding distortions, improving efficiency and supporting business growth.9 per cent to 20 per cent, abolished VAT on the exploration and prospecting for minerals, thereby relieving thousands of micro and small businesses of the requirement to register for and charge VAT, and extended the zero-rating of locally manufactured sanitary pads until 2028.