The Minister of Finance, Dr. Cassiel Ato Forson, is expected to present the 2025 Budget to Parliament on March 10.
This is the date proposed by the ministry to Parliament for consideration, subject to the House’s approval.
Per the country’s Financial Administration Act, the budget must be presented before March 31, 2025.
In January, Parliament approved an Expenditure in Advance of Appropriation (Mini Budget) to cover government spending from January to March 2025, allocating about GH₵68.1 billion for the John Mahama administration’s first three months.
2025 Budget Preparation
The Finance Ministry has already sent broad guidelines to various ministries to aid in spending targets and programme inputs for the 2025 Budget.
“However, these ministers have been asked to prioritise when it comes to their spending plans and programmes for 2025,” a source told JOYBUSINESS.
The directive aims to rationalise expenditure as part of efforts to reduce the country’s debt stock. Ministries have been given timelines to submit their inputs before a final review meeting.
Focus Areas of the 2025 Budget
The government intends to use the 2025 Budget to kick-start economic recovery and job creation through its flagship 24-Hour Economy Programme.
Dr. Forson is expected to propose the removal of taxes such as the betting tax, COVID-19 levy, and E-Levy. However, this could create an almost GH₵10 billion revenue gap that would need to be addressed.
Another key challenge will be addressing energy sector debt, which could impact Ghana’s economic recovery. Dr. Forson met with energy sector agencies last week to discuss solutions.
IMF Programme and the 2025 Budget
The 2025 Budget will be heavily influenced by Ghana’s ongoing programme with the International Monetary Fund (IMF), ensuring that policies align with IMF guidelines.
The IMF team, led by Mission Chief Stephane Roudet, is in Ghana engaging with the government on budget preparations, with meetings set to conclude on Friday, February 14.
Some economists have cautioned that Ghana’s current IMF programme could pose challenges for the administration in implementing its economic policies.