The government has announced that the 2027 Budget Statement and Economic Policy, which is scheduled to be presented to Parliament on Thursday, November 12, will not introduce any new taxes. Instead, the Finance Ministry says the administration plans to finance its flagship programmes and priority development projects through savings generated from expenditure rationalisation and reductions in government spending.
The announcement is expected to be one of the key highlights of the upcoming budget, particularly at a time when businesses and households are closely watching government fiscal decisions and their implications for the cost of living and overall economic activity.
Deputy Finance Minister and Member of Parliament for Asuogyaman, Thomas Nyarko Ampem, revealed the government’s position during a closed-door meeting with members of the Parliamentary Press Corps ahead of the budget presentation.
He explained that Finance Minister Dr Cassiel Ato Forson would provide details on how the government intends to mobilise and distribute resources to fund its priority programmes without introducing additional tax measures. According to Nyarko Ampem, savings from cuts in public expenditure are expected to create the necessary fiscal space to advance the government’s development agenda.
The approach signals the administration’s intention to prioritise spending efficiency, strengthen control over public expenditure and channel available resources into programmes with substantial economic and social benefits.
Nyarko Ampem further disclosed that the 2027 Budget would outline the government’s plans for managing petroleum revenues in the coming years. He indicated that Dr Forson is expected to explain how oil proceeds will be utilised to finance infrastructure development and other national priorities, following the government’s decision to dedicate oil revenue to the full funding of the proposed Accra-Kumasi Expressway.
The expressway is among the country’s major planned infrastructure investments and is expected to significantly improve road connectivity and transportation between Ghana’s two largest economic centres.
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