highlights of the finance minister’s presentation of the 2023 budget

Value Added Tax is raised by the government by 2.5%.

The government announced a 2.5 percent increase in Value Added Tax (VAT) on consumers of goods and services during the presentation.

While attempting to reach an IMF agreement to restore macroeconomic stability, the action is anticipated to boost the government’s domestic revenue initiatives.

“We will carry out the following activities, actions, and interventions in accordance with the seven-point agenda, Mr. Speaker. We will, among other things, raise the VAT rate by 2.5 percent to directly support our road and digitalization agendas in an effort to aggressively generate domestic money; The Unified Property Rate Platform program should be implemented more quickly in 2023. The E-Levy Act should also be reviewed, with a focus on lowering the headline rate from 1.5% to one percent (1%) of the transaction amount and eliminating the daily threshold “said he.

5 lanes will be added to each of the Tema-Motorways, and the Tetteh Quarshie junction will be remodeled.

The government also disclosed that it is looking to get funding from Ghana Infrastructure Investment (GIIF) for a project to extend the Accra-Tema highway by 27.7 km.

When the project is approved, the Tema-Motorway will have five lanes on each side of the section, according to Ken Ofori-Atta.

Speaking in parliament, he said that in addition to the Tema-Motorway lanes, the Tetteh Quarshie intersection, the Apenkwa interchange, and a new interchange at the Fiesta Royale crossroads and Neoplan area would all be renovated by the government.

“Mr. Speaker, Government is moving on with its strategic choice to use the Ghana Infrastructure Investment Fund to purchase the 27.7km of the Accra-Tema Motorway and Extensions Project” (GIIF). To enable its execution, a PPP Concession Agreement supported by a suitable toll arrangement will be submitted to Parliament for approval. Additionally, funds for the Equity and Viability Gap Funding required by a GIIF Special Purpose Vehicle (SPV) have been allocated in the 2023 and Medium-Term Budgets, allowing the project to get underway in earnest in 2023. Phases of the project will be provided.

“Mr. Speaker, the project’s iconic nature means that, when finished, the main Accra-Tema Motorway stretch will have five lanes on each side, and the Tetteh Quarshie-Apenkwa stretch would have six lanes on each side. According to him, the project will involve upgrading the Tetteh Quarshie Interchange, rebuilding the Apenkwa Interchange, and building new interchanges at the Fiesta Royale Crossroads and the Neoplan region.