The CEO of Dalex Finance, Joe Jackson, has defended the introduction of a new mining tax following the 2025 budget statement, emphasizing that economic recovery cannot come without sacrifices.
Speaking on Joy News’ PM Express Business Edition on Thursday, March 13, Mr. Jackson stated that Ghana’s economic challenges require tough decisions, and not everyone will be satisfied.
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<code>“There has to be some pain. We’re not going to get out of this painlessly. Whatever was going to happen, somebody was going to go away from the table unhappy because you’re going to pay more tax,” he explained.</code>The renowned economist acknowledged the government’s difficult balancing act in crafting the budget. He highlighted public frustration with previous tax policies, including the now-removed E-Levy, COVID-19 levy, and betting tax.
<code>“As much as a collective, as Ghanaians, we all said we don’t like the E-Levy, COVID-19 levy, and betting tax. Take them off, and we could go through the list of each tax handle,” he said.</code>However, he stressed that removing these taxes created a revenue gap that had to be addressed.
<code>“Taking them off meant there was a hole that had to be filled, or the drastic drop in expenditure would also not be good,” he explained.</code>With the elimination of controversial levies, the government has turned to the mining sector to generate revenue. While details of the new mining tax structure are still emerging, it is expected to contribute significantly to filling the fiscal gap.
As the government seeks to balance revenue generation with economic relief, the introduction of the mining tax underscores a broader strategy to stabilize the economy.
While some businesses and industries may feel the pinch, Mr. Jackson’s comments suggest that shared sacrifice is necessary to ensure long-term economic stability.