He also pledged to abolish certain taxes that have become burdensome for businesses and households.

Mahama assured that his administration would not subject businesses to endless tax audits or harassment by the Economic and Organised Crime Office (EOCO).

The E-levy, introduced in 2022, was part of the government’s efforts to enhance domestic revenue mobilization. Initially set at 1.75 percent, the levy faced significant criticism and was subsequently reduced to 1.5 percent, and then further to 1 percent.

Speaking at the 8th Ghana CEO Summit in Accra on Monday, May 27, the former President also promised to cut down on excessive government expenditures.

Mahama emphasised that reducing the tax burden and streamlining government spending would create a more favourable environment for businesses and help alleviate financial pressures on households.

“We will do this by pruning the huge government expenditures, preventing waste and corruption, and boosting revenues by expanding the tax net. We will simplify the VAT and streamline its collection. We will abolish the e-levy and some taxes that have become a burden on businesses and households. We will not burden you with endless tax audits and harass you with EOCO.”

He indicated his resolve to stabilise the economy and restore the currency.

Mahama disclosed his intentions of launching an urgent economic recovery and fiscal consolidation to be held within 100 days of his assumption of office.

“The number one priority will be stabilising the economy and restoring a stable currency by launching an urgent economic recovery and fiscal consolidation plan following a national economic dialogue to be held within one hundred days of assumption of office.”