Minister of Finance, Dr. Cassiel Ato Forson
The Minister of Finance, Dr. Cassiel Ato Forson, is set to present the 2025 Budget Statement and Economic Policy to Parliament on March 10, 2025.
According to a JoyNews report, the proposed date, submitted by the Ministry of Finance, is subject to parliamentary approval, pending developments in the House.
Under Ghana’s Financial Administration Act, the budget must be presented to Parliament before March 31, 2025.
This follows Parliament’s approval in January 2025 of an Expenditure in Advance of Appropriation (Mini Budget) amounting to GH¢68.1 billion.
This allocation is intended to cover government expenditures for the first quarter of 2025, from January to March.
The Ministry of Finance has issued broad guidelines to various ministries to assist in setting spending targets and program inputs for the 2025 Budget.
According to sources cited by Joy News, ministries have been instructed to prioritize their spending plans and programs for the year.
Ministries have been given specific deadlines to submit their inputs, after which a final meeting will be held to consolidate the budget.
The 2025 Budget is expected to focus on resetting the economy and creating jobs through the government’s flagship 24-Hour Economy program.
Dr. Forson is also anticipated to announce measures to abolish certain taxes, including the betting tax, the COVID-19 levy, and the E-Levy.
However, the removal of these taxes is projected to create a revenue shortfall of nearly GH¢10 billion, posing a significant challenge for the government.
Additionally, the energy sector debt remains a critical issue that could impact Ghana’s economic recovery efforts.
The 2025 Budget will also be heavily influenced by Ghana’s ongoing program with the International Monetary Fund (IMF), ensuring that the budget’s policies and programs align with the IMF’s requirements.
ID/MA
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