2025 Budget Update

2025 Budget Update: Key Takeaways

Here’s a simplified breakdown of the 2025 Budget Update for easy understanding:

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Tax Reforms

1. Tax Abolishments:
   • Betting Tax (10%): Removed on lottery winnings.
   • E-Levy (1%): Scrapped to ease digital transactions.
   • Emission Levy: Abolished for industries and vehicles.
   • VAT on Motor Vehicle Insurance: Removed.
   • Withholding Tax on Gold: Eliminated for small-scale miners.
2. VAT Adjustments:
   • COVID-19 Levy abolished.
   • GETFund and NHIL decoupling reversed.
   • VAT rate reduced for households and businesses.
   • VAT registration threshold increased to exempt small businesses.

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Revenue & Expenditure

• Total Revenue: Projected at GH¢223.8 billion (17.2% of GDP).
• Total Expenditure: GH¢269.1 billion (20.7% of GDP), down from 2024.
• Primary Expenditure: GH¢204.7 billion (15.8% of GDP).

Key Allocations

1. Education:
   • GH¢3.5 billion for free secondary education.
   • GH¢4.1 billion added to GETFund for education financing.
   • GH¢499.8 million for free first-year tertiary education.
   • GH¢564.6 million for free textbooks for KG to JHS students.
   • GH¢1.788 billion for School Feeding Programme (33% increase).
2. Health:
   • GH¢9.93 billion for National Health Insurance Scheme (NHIS).
   • Free primary healthcare and MahamaCares programme.
3. Social Protection:
   • GH¢953.5 million for LEAP benefits (30.8% increase).
   • GH¢145.5 million for Capitation Grant (73.2% increase).
   • GH¢242.5 million for Akosombo dam spillage victims.
   • GH¢200 million for tidal wave disaster victims.
4. Infrastructure:
   • GH¢13.85 billion for the “Big Push” infrastructure programme.
   • GH¢2.81 billion for Road Fund (155.5% increase).
5. Other Allocations:
   • GH¢292.4 million for free sanitary pads for schoolgirls.
   • GH¢51.3 million for Women’s Development Bank.
   • GH¢300 million for National Apprenticeship Programme.
   • GH¢100 million for Assembly Members’ monthly allowance.

Economic Reforms

1. 24-Hour Economy Policy:
   • Aimed at boosting productivity and job creation.
   • Legislative reviews to support round-the-clock operations.
2. Ghana Gold Board (GOLDBOD):
   • Established to regulate gold resources.
   • US$279 million allocated for gold purchases from small-scale miners.
3. Cedi Stabilization:
   • Economic recovery programme to shore up foreign reserves.
   • Structural reforms to promote agriculture and reduce inflation.
4. Labour Export:
   • Formalized system for Ghanaian workers abroad to boost remittances.

Legislative Changes

• Gold Board Bill: To regulate and optimize the gold industry.
• GETFund & NHIL Uncapped: Dedicated funding for education and health.
• Road Tolls Reintroduced: Using electronic technology.

Campaign Promises Delivered

• Lean government (60 ministers).
• E-Levy and Betting Tax scrapped.
• Free tertiary education for Persons with Disability.
• Free sanitary pads for schoolgirls.
• Uncap of GETFund, NHIL, and Road Fund.
• US$10 billion “Big Push” infrastructure programme underway.

Quick Stats

• Mining Levy: Increased from 1% to 3%.
• Road Fund: Increased by 155.5% to GH¢2.81 billion.
• District Assemblies: GH¢7.51 billion allocated, with 80% sent directly to districts.

This budget focuses on tax relief, social protection, education, health, and infrastructure development, aligning with the government’s commitment to economic transformation and poverty alleviation.

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