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Expected tax reforms include the alignment of Value Added Tax (VAT) and customs laws to address the disparity in VAT on local and imported products and align the relevant VAT rates. This alignment, will hopefully ensure similar products, whether imported or locally manufactured, attract the same tax, eliminating current market distortions and promoting local manufacturing.

 

Programmes and measures in the energy and extractives sectors

It is envisaged that the Gold for Oil (G4O) programme, which was, on the back of the Bank of Ghana’s domestic gold purchase programme, introduced to provide foreign exchange financing for the importation of petroleum products, will be scaled up to cover 50% national consumption as indicated in the 2024 Budget. However, in a contrary report, the Bank of Ghana has hinted of a phasing out of the G4O programme. According to the Bank of Ghana, the programme was introduced as a “crisis management policy” i.e., to curb the rapid rate of depreciation of the Ghana Cedi and the rising prices of fuel at the pumps. Given the recent stability levels of the Cedi, the Bank of Ghana believes the G4O programme has achieved its purpose and is no longer necessary.

 

Government-led programmes relating to energy access and clean energy such as the Ghana Nuclear Power Programme, Scaling-up Renewable Energy Project and the Solar Lantern Distribution Programme are expected to continue.

 

The government is also expected to begin the formalisation of the agreements with mining companies and mining related industries to fund and commence the rehabilitation of roads in the mining enclaves in selected communities.

 

Programmes and measures in the infrastructure sector

The government is likely to continue with existing infrastructure programmes and measures such as the rehabilitation and expansion of water supply systems, and uncompleted projects under the National Flood Control Programme. The fortnightly water quality monitoring assessment programme is scheduled to continue, and water guards will be employed to patrol the river bodies  to improve the  regulation, management, and governance of the river bodies.  

The National Rental Assistance Scheme, which presently covers six (6) regions, is expected to be expanded  to cover ten (10) out of sixteen regions. 

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Policy guidelines for management of public lands

The Lands Commission is expected to issue a public land policy document which will subsequently be incorporated in a revised national land policy. The policy document will serve as a guide for the management of public lands in Ghana and review existing guidelines for regulating the acquisition, allocation or release of public lands to cater for contemporary land management and administration matters.

 

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Legislative reforms

 

Amendment of the Ghana Investment Promotion Centre Act, 2013 (Act 865)

Government proposes to amend the Ghana Investment Promotion Centre Act, 2013 (Act 865) to empower the Ghana Investment Promotion Centre (GIPC) to play a proactive role in attracting and retaining FDIs. This is to be achieved by leveraging government’s initiatives to align with international best practices, following the fall in foreign direct investments (FDI) flows to Ghana as indicated in the United Nations Conference on Trade and Development World Investment Report 2023. It is expected that the proposed review of the GIPC Act will make Ghana a more competitive and attractive investment destination for FDI.

 

Amendment of the National Petroleum Authority Act, 2005 (Act 691)

There is expected to be an amendment to the National Petroleum Authority Act, 2005 (Act 691), to provide for the promotion, monitoring and enforcement of Ghanaian content and Ghanaian participation in the petroleum downstream industry.

 

Enactment of the Ghana National Roads Authority Bill

Subsequent to Cabinet’s approval for the establishment of the Ghana National Roads Authority in 2023, it is expected that the Ghana National Roads Authority Bill will be submitted to Cabinet and Parliament for consideration and approval. The Ghana National Roads Authority Bill aims to establish the Ghana National Roads Authority as a unified body comprising the Ghana Highway Authority and the Departments of Urban and Feeder Roads, responsible for planning, development, maintenance and management of major roads in Ghana, including trunk, arterial, collector, district and inter-district roads.

 

Enactment of the Rent Bill

Following Cabinet’s approval of the Rent Bill, it is expected that the Rent Bill will be submitted to Parliament for consideration and approval, and passed into law. The Rent Bill when enacted will consolidate the law on rent; reform the existing enactments on rent; remove the inherent constraints on housing supply; offer incentives to stimulate private sector investment in the rental housing sector; maintain the protection of low-income and vulnerable tenants from abuse and arbitrary actions and provide for related matters.

 

Construction industry

The Construction Industry Development Authority (CIDA) Bill, the Condominium Bill and the Ghana Housing Authority Bill, are yet to be passed despite the predictions in our outlook for 2023. These bills are therefore still in the pipeline and may be passed this year.

 

The CIDA Bill when passed will establish CIDA to regulate the construction industry and is expected to bring sanity and professionalism into the construction industry in light of the escalation of substandard buildings in the country. The Condominium Bill, when passed into law, will regulate shared ownership of common areas which has arisen due to increasing demand for development of high rise and compact properties and the need to maximise limited land space. On the other hand, the Ghana Housing Authority Bill when enacted will establish the Ghana Housing Authority to serve as a regulator in the housing sector and to plan, develop and manage housing development in Ghana.