News:
March 17, 2025
Finance Minister Dr Cassiel Ato Forson said this year’s budget is people centered for the poor and creation of jobs.
He pointed out that the budget is in to re-set the Ghanaian economy as they recognize that the economy is in crisis but most importantly the John Mahama led government is putting measures, innovations and interventions to address it.
Again, the budget provides incentives for the private sector growth for job creation. It introduces innovations to address key funding concerns, growth-oriented interventions to support national development, he stated.
Addressing his colleague Members of Parliament at a post budget workshop in Parliament, he noted that the budget for 2025, the overall GDP growth is 4 percent and inflation of 11.9 percent; primary balance at a surplus of 1.5 percent of GDP and gross international reserve that would cover not less than three month of import cover.
He said they have outlined a number of revenue and expenditure measure to support the achievement of their fiscal objectives and target and call on the House to pass various legislations that would operationalize the measures.
Among the initiatives proposed for implementation in the budget include;
• the 24- Hour Economy to support inclusive job creation;
• the ten billion Big Push Project Policy starting this year; and
• the establishment of Ghana Gold Board to support foreign exchange inflows.
The gold reserve accumulation to benefit our dear country aside implementing the agriculture for economic transformation, we want to use government procurement to drive made in Ghana goods and drive local participation in our economy and also social protection through the introduction of various social intervention programs to complement existing programs to alleviate the current economic hardship, he emphasised.
Dr. Forson further added that, they are undertaking key structure reforms to support inclusive fiscal growth and debt sustainability, sound public financial management, an efficient public service delivery and good governance.
“We want to promote fiscal discipline and debt sustainability by amending the fiscal responsibility act to include debt ceiling and the establishment of independent fiscal council to monitor and adhere to it”
We intend to rationalize VAT and Covid levy later this year after stakeholders’ consultation to receive the technical assistance from the IMF and that of the rationalization taskforce that we would be commissioning in the coming days.
Kwaku Sakyi-Danso/Ghanamps.com