Key Takeaways from Ghana’s 2024 Budget: Tax Reforms, Support for Flood Victims, and More

• Ghana’s finance minister presented the country’s 2024 budget in parliament.
• The projected value of the economy is expected to increase from GHC 219.5b in 2016 to GHC 1tn.
• The budget allocates GHC 4b to address issues in the financial sector.
• Opposition members of parliament criticize the budget for introducing more taxes during a time of economic hardship.
• The budget includes measures such as zero VAT on locally manufactured sanitary pads and support for flood victims.
• The construction of the La general hospital will begin next week.
• Tax waivers are provided for the local textile industry, agricultural machinery, and vehicles.
• The government plans to increase total expenditure and expects financial support from the IMF and World Bank.
• A task force will be formed to boost the night economy and ensure security and lighting infrastructure.

Source: bbc.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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