Finance Minister to Present 2025 Budget on March 10

Finance Minister Dr. Cassiel Ato Forson is set to present the 2025 Budget to Parliament on March 10, pending approval from the House. This proposed date falls well within the deadline set by the Financial Administration Act, which mandates the budget’s presentation before March 31, 2025.

Preparations for the 2025 Budget

To ensure a smooth budgeting process, the Finance Ministry has issued guidelines to various ministries, outlining spending targets and program inputs. Ministries have been instructed to prioritize their expenditures to align with the government’s goal of reducing the national debt. Inputs from ministries must be submitted within a set timeline before a final review meeting takes place.

In January, Parliament approved an Expenditure in Advance of Appropriation, allocating GH₵68.1 billion to fund the John Mahama administration’s activities for its first three months in office.

Key Focus Areas

The 2025 Budget is expected to serve as a foundation for economic recovery and job creation, with a major emphasis on the government’s 24-Hour Economy Programme. Dr. Forson is also likely to propose the removal of certain taxes, including the betting tax, COVID-19 levy, and E-Levy. However, eliminating these taxes could create a revenue shortfall of nearly GH₵10 billion, which the government will need to address.

Another critical challenge is Ghana’s energy sector debt, which could impact economic stability. Dr. Forson recently held discussions with energy sector agencies to explore solutions to this issue.

IMF Programme’s Role in the Budget

Ghana’s ongoing programme with the International Monetary Fund (IMF) will play a significant role in shaping the 2025 Budget. An IMF delegation, led by Mission Chief Stephane Roudet, is currently in Ghana holding discussions with government officials on budgetary policies. These talks, which are set to conclude on February 14, will ensure that Ghana’s fiscal strategies align with IMF requirements.

Despite the administration’s economic plans, some economists warn that the IMF programme may present challenges in implementing certain policy measures. As the budget presentation date approaches, all eyes will be on how the government balances economic recovery, debt reduction, and fiscal responsibility.