Dr Cassiel Ato Forson, the Minister of Finance, has reiterated the government’s commitment to completing a comprehensive review of the Value Added Tax (VAT) regime process and implementing the necessary reforms in time for the next national budget.
He said the reform was critical as the current structure posed significant challenges for businesses across the country.
The Minister was speaking during a recent meeting with Mr Wencai Zhang, Managing Director and Chief Administrative Officer of the World Bank Group, where he provided an update on Ghana’s efforts to comprehensively review the VAT regime.
“I informed Mr. Zhang that an IMF Technical Assistance Mission is currently in Ghana, working closely with us to support this important review process,” he said.
It is worth noting that Ghana’s effective VAT rate, at 21.9 per cent possibly the highest in Africa, has contributed to compliance difficulties and operational inefficiencies.
“We are fully aware of these issues, and I assured our partners that a complete overhaul of the VAT system is actively under consideration,” he added.
He said the government was on track to deliver these changes by November, 2025.
GNA
