Finance Minister to Present 2025 Budget on March 10
The Minister of Finance, Dr. Cassiel Ato Forson, is expected to present the 2025 Budget to Parliament on March 10, pending parliamentary approval. The Ministry of Finance has formally proposed this date, which remains subject to the House’s acceptance based on ongoing legislative considerations.
In line with the Financial Administration Act, the 2025 Budget must be presented before March 31, 2025. Earlier this year, Parliament approved an Expenditure in Advance of Appropriation, granting the John Mahama administration GH₵68.1 billion to cover government operations from January to March 2025.
2025 Budget Preparation Underway
The Finance Ministry has issued broad spending guidelines to various ministries to shape their financial targets and program inputs for 2025. A source within the ministry revealed that “Ministers have been asked to prioritize their spending plans and programmes for 2025” as part of government efforts to rationalize expenditure and curb debt accumulation.
The ministries have been given strict timelines to submit their budgetary inputs, following which a final review meeting will be held.
Key Focus Areas of the 2025 Budget
The 2025 Budget is expected to introduce policies aimed at revitalizing the economy, particularly through the 24-Hour Economy Programme, a flagship initiative of the Mahama administration designed to spur job creation.
Among anticipated measures, Dr. Forson is expected to propose the removal of certain taxes, including the betting tax, COVID-19 levy, and the Electronic Levy (E-Levy). However, eliminating these taxes could create a fiscal gap of nearly GH₵10 billion, which the government will need to address through alternative revenue strategies.
Additionally, the budget is likely to address Ghana’s mounting energy sector debt, which remains a critical challenge with implications for the country’s economic recovery. Dr. Forson recently held discussions with key energy sector agencies to explore potential solutions.
IMF Programme to Shape Budget Policies
Ghana’s ongoing engagement with the International Monetary Fund (IMF) will heavily influence the 2025 Budget, ensuring that proposed policies align with the country’s IMF-supported economic program.
An IMF delegation, led by Mission Chief Stéphane Roudet, is currently in Ghana to assess the budget’s framework. Their consultations with the government will conclude on Friday, February 14, 2025.
Despite these engagements, some economists have expressed concerns that Ghana’s current IMF programme may pose challenges for the administration in executing its proposed fiscal policies.
The forthcoming budget presentation will be critical in shaping Ghana’s economic direction for the 2025 fiscal year, balancing growth ambitions with fiscal discipline under the IMF’s oversight.
