Tax level

The government’s decision to maintain current tax levels in the Mid-Year Budget Review offers some relief to businesses and individuals, according to Deloitte Ghana’s analysis of the 2024 Mid-Year Review Budget. The audit and tax services firm warns that further tax increases could negatively impact private sector productivity, especially given the current challenges of high inflation and exchange rate depreciation. The analysis highlights that debt restructuring and the International Monetary Fund programme have significantly reduced the country’s interest payments from GH₵55.9 billion (previously the largest expenditure item) to GH₵48.0 billion (now the second-largest). Deloitte believes this reduction creates the fiscal…