Today, March 11, 2025, the Minister of Finance, Dr. Cassiel Atto Baah Forson, will present the government’s Business Statement and Economic Policy for the fiscal year ending December 31, 2025, to Parliament.
This marks the first budget under President John Dramani Mahama since he assumed office on January 7, 2025. In accordance with Article 179 of the 1992 Constitution, the presentation will outline the administration’s economic recovery strategy as Ghana navigates what it has described as a period of economic crisis.
Economic Challenges and Policy Direction
Ahead of the budget reading, government officials have acknowledged the severe state of the economy. At a recent press briefing, Minister for Government Communications, Mr. Felix Kwakye Ofosu, disclosed that economic figures presented to Cabinet were “even worse than we had known before the elections.”
In response, the budget will incorporate key recommendations from the National Economic Dialogue held on March 3 and 4, 2025, where economic experts and private sector leaders proposed urgent interventions.
Key expectations from today’s budget include:
- Macroeconomic Stability: Enhancing fiscal discipline, increasing investor confidence, and implementing major tax reforms to reduce revenue losses and broaden the tax base.
- Private Sector Growth: Introducing public sector reforms to boost productivity and attract private investment.
- Infrastructure Development: Addressing Ghana’s infrastructure deficit through financing mechanisms such as the Ghana Stock Exchange (GSE) and the Ghana Infrastructure Investment Fund (GIIF).
- Energy Sector Reforms: Reviewing and renegotiating Independent Power Producer (IPP) contracts to lower electricity costs and restructuring the Electricity Company of Ghana (ECG) to improve efficiency.
Parliamentary Review and Stakeholder Engagement
Deputy Majority Leader, Mr. Kweku Ricketts-Hagan, has called on all Members of Parliament (MPs) to be present for the budget presentation, emphasizing its crucial role in shaping Ghana’s economic recovery.
Additionally, ministries will submit sectoral estimates for parliamentary review to ensure alignment with the government’s broader economic vision. A post-budget workshop will also be held to provide further analysis of the proposed policy measures.
Stakeholder Expectations
Ghana’s business community and policy experts are eagerly anticipating concrete measures to address the economic downturn. They are calling for a well-defined strategy that fosters sustainable growth, enhances export competitiveness, accelerates technology adoption, and prioritizes human capital development.
The government is also under pressure to reform tax policies in the agricultural sector, bridge skill gaps, and enhance industrial productivity.
As Dr. Forson takes the stage today, attention will be focused on how the Mahama administration intends to revitalize the economy, restore investor confidence, and pave the way for long-term stability and transformation.
A livestream of Dr. Forson’s address will be available below when it begins at 10 a.m.
Credit: Graphic Online
