The Government is expected to introduce no new taxes in the 2027 Budget Statement and Economic Policy, while relying on expenditure rationalisation and spending cuts to create fiscal space for its development programmes.
The budget, scheduled to be presented to Parliament on Thursday, November 12, will be accompanied by a second policy document outlining the government’s New Economy programme, a four-year economic transformation plan expected to require the cedi equivalent of US$10 billion.
Deputy Finance Minister Thomas Ampem Nyarko disclosed the government’s no-new-tax position during a closed-door engagement with members of the Parliamentary Press Corps at Parliament House on Wednesday.
He said the government intended to finance its flagship programmes and priority development projects through savings generated from expenditure rationalisation rather than introducing additional tax measures.
Mr Ampem Nyarko, who is also the National Democratic Congress Member of Parliament for Asuogyaman, said Finance Minister Dr Cassiel Ato Forson would explain how the government planned to mobilise and allocate resources to implement its development agenda without imposing new taxes.
The approach places greater emphasis on public expenditure efficiency and spending controls, with the government’s ability to generate sufficient savings likely to be critical to financing its commitments while maintaining fiscal discipline.
The accompanying New Economy programme is expected to provide the broader policy framework for restructuring Ghana’s economy over the next four years.
It will also serve as the overarching framework for flagship initiatives, including the 24-hour economy, which the government considers central to expanding economic activity, production and employment.
The programme is not intended to replace the 24-hour economy but rather provide the broader economic transformation framework within which the initiative will be implemented.
The 2027 Budget is also expected to provide updated fiscal and economic indicators covering developments up to October 2026, compared with the September reporting cut-off traditionally used in previous budget presentations.
In some instances, the document will include end-of-year figures for 2025, providing a more comprehensive assessment of the country’s fiscal performance.
On infrastructure financing, Mr Ampem Nyarko indicated that the Finance Minister would provide further details on the utilisation of petroleum revenues to support major national projects.
This follows the government’s decision to use oil inflows to fully finance the proposed Accra-Kumasi Expressway, with a sod-cutting ceremony expected before the end of 2026.
The Finance Minister is also expected to announce another infrastructure project to benefit from petroleum revenues and royalties, while allocations under the government’s Big Push programme will continue to support road infrastructure development.
The financing arrangements will be significant for public investment planning, particularly as the government seeks to balance competing infrastructure needs against available petroleum revenues and other fiscal commitments.
Beyond infrastructure, the Women’s Development Bank is expected to begin full operations in 2027 as part of efforts to improve access to financing.
The institution is expected to operate as a structured financial institution with appropriate governance arrangements, providing an additional channel for financing businesses and supporting women’s economic participation.
Taken together, the two policy documents are expected to outline the government’s immediate fiscal priorities and longer-term economic transformation ambitions, with their implementation dependent on the availability of funding, spending efficiency and the ability to translate policy commitments into productive economic activity.
