Ghana Introduces Growth and Sustainability Levy Act | Business Edge | 01/05/2023

The government of Ghana has imposed numerous tax policies since the year 2021, with the latest addition being the Growth and Sustainability Levy Act of 2023, which replaces the National Fiscal Stabilization Levy (NFSL) Act.
The Growth & Sustainability Levy Act 2023 (ACT 1095) is to help Ghana raise revenue for the growth and fiscal sustainability of the economy.
The government has estimated revenue of approximately Two billion, Two hundred and Sixteen Million Ghana Cedis (GHc2,216,000.00) from the levy for the year 2023 alone.
Other additional tax laws passed by Parliament include the Excise Duty (Amendment) Act, which will impose a 20 percent tax on cigarettes and e-smoking devices, beverages, spirits, and wines, which is projected to rake in about GH¢400 million annually, and the Income Tax (Amendment) Act, 2023, which will also generate about GH¢1.2 billion.
ANCHOR
Lekan Onabanjo
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Paul Frimpong
Economist & Executive Director,
Africa-China Centre for Policy & Advisory
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