Technical Advisor at the Ministry of Finance, Dr Theophilius Acheampong, has said the 2026 Mid-Year Budget Review will focus on the government’s fiscal performance, expenditure, borrowing and key policy initiatives, with no plans to introduce new taxes.
Speaking on Joy FM’s Super Morning Show on Thursday, July 23, ahead of the Finance Minister’s presentation to Parliament, Dr Acheampong said the review would provide a comprehensive assessment of the economy nearly eight months after the 2026 Budget was presented.
“The minister is going to Parliament this afternoon to give an update on where we are—what we’re doing on revenue, what we’re doing on expenditure, what we’re doing on borrowing, what we’re doing on the special initiatives, and whether there is any need for supplementary estimates,” he said.
According to Dr Acheampong, the review will primarily assess the government’s fiscal performance and determine whether adjustments are required to keep public finances on track, rather than introduce significant policy changes.
He stressed that the government was not considering new tax measures, arguing that Ghana’s principal fiscal challenge lies in expenditure management rather than revenue generation.
“I have argued, even before going into government, that we have a major expenditure problem, less so a revenue problem,” he said.
“You can raise more revenue, but if it keeps going into a leaking basket, you’ve got a problem. The issue is tightening expenditure, ensuring that you’re spending well and spending in the right places.”
Instead of imposing additional taxes, Dr Acheampong said the government would focus on strengthening tax administration by improving compliance among existing taxpayers.
“It is not a question of more taxes,” he emphasised. “Rather, it is about enforcing compliance and ensuring that those who are supposed to pay taxes actually do so.”
He also disclosed that the government is undertaking a comprehensive review of key tax legislation, including the Income Tax Act, customs laws and excise duty regulations, to make Ghana’s tax system more efficient and responsive.
“We’ve undertaken a fundamental review of the core tax laws. Some measures may be announced in the Mid-Year Budget Review, while others will take more time to implement,” he said.
Beyond fiscal policy, Dr Acheampong said the Finance Minister would also provide updates on major infrastructure and agricultural initiatives, including road construction projects, agro-commerce programmes and interventions aimed at improving the transportation of food from production centres to markets.
“You will get an update on some of the key projects and interventions. The minister will outline where government is and what progress has been made,” he added.
Finance Minister Dr Cassiel Ato Forson is expected to present the 2026 Mid-Year Budget Review to Parliament later today. The statement will provide an update on the economy’s performance during the first half of the fiscal year, assess the implementation of the 2026 Budget and present the government’s revised fiscal and economic outlook for the remainder of the year.
