The deputy finance minister-designate, Thomas Nyarko Ampem, has indicated that, in spite of the minority's worries, the government will not impose new taxes in the next budget.

In order to raise roughly 200 billion cedis this year, the government intends to impose new taxes, according to the Minority.

But Nyarko Ampem brushed these worries aside, saying that rather than enacting new taxes, the government will concentrate on increasing tax compliance and broadening the tax base.

“The Finance Minister has said this many times—we do not need to introduce new taxes to rake in more revenue. We are going to broaden the tax base. We are actually going to enhance compliance. And you will hear a lot of this in the budget when it is presented. And you’ll see.”

He also emphasized that, because of Ghana's restricted access to global bond markets, the country must optimize its economic rent from industries.

“In fact, he hinted that as a country, we are not taking advantage of the economic rent that we are supposed to generate revenue from through the exploiting of industry… To be honest with you, because we have been denied access to the international bond market, we have to do two things—enhance revenue and also manage expenditure,” he stated.

Nyarko Ampem reaffirmed that the budget, which is scheduled to be presented to Parliament on March 11, will prioritize bolstering domestic revenue mobilization without imposing additional taxes on the populace.