The Minister of Trade and Industry, Alan Kyeremanten, has said the 25 percent corporate tax will be slashed to 20 percent in the 2018 budget.

Speaking at the launch of Fan Milk Ghana's new product in Accra, the minister said the move is in response to calls by businesses, adding that the reduction will spur growth and create more job opportunities.

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“In response to complaints from industry players, particularly the AGI, government has promised to reduce corporate taxes from 25% to 20% this is on course to be implemented from next year,” he said.“We believe that the private sector which creates employment opportunities should be supported with programs and policies that facilitate growth."

During the 2016 elections, then candidate Nana Akufo-Addo promised sweeping tax reforms to relief business of "nuisance taxes."

In the 2017 budget, the government abolished the following taxes:

i. Removing import duties on raw materials and machinery for production within the context of the ECOWAS Common External Tariff (CET) Protocol

ii. Abolishing the Special Import Levy

iii. Abolishing the 17.5% VAT on imported medicines not produced in the country

iv Abolishing the 17.5% VAT on Financial Services

v. Abolishing the 5% VAT on Real Estate sales

vi. Abolishing the 17.5% VAT on domestic airline tickets

vii. Reducing VAT for micro and small enterprises from the current 17.5% to the 3% Flat Rate VAT introduced by the Kufuor-led NPP government

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viii. Introducing tax credits and other incentives for businesses that hire young graduates from tertiary institutions, and

ix. Reviewing withholding taxes imposed on various sectors (including the mining sector) that have constrained the liquidity of many businesses.