Princess Avenyoh
Finance Minister, Dr. Cassiel Ato Forson will today 24 July, deliver the 2025 Mid-Year Budget Review in Parliament.
With attention focused on whether government will stick to its original spending plan or request additional funds to tackle emerging fiscal and political demands.
The presentation comes amid signs of a recovering economy. Inflation has dropped from 23.5% at the start of the year to 13.7% by end of June.
Raising hopes of a possible single-digit rate before the year ends, ahead of the initial target of 11.9%.
The Ghana cedi has also rebounded strongly, appreciating from GH¢15 to the US dollar in January to about GH¢10.45 in July.
This has brought some relief to retailers, while manufacturers remain cautious, observing cedi performance over the next two months as agreed with business associations.
Revenue measures have seen mixed reactions. The cancellation of the betting tax has been widely welcomed, while the recent GH¢1 fuel levy has faced pushback. Observers are keen to know whether the levy will be temporary.
Economic growth is also outpacing earlier projections. While the government targeted 4.4% GDP growth in 2025, first-quarter data shows a 5.3% growth rate, likely prompting a revision in today’s update.
Ghana’s foreign reserves now stand at US$11.1 billion enough to cover 4.8 months of imports, a jump from US$8.98 billion at the end of 2024.
This, combined with rising gold and cocoa export earnings and remittances, has boosted investor confidence and strengthened the currency.
As Dr. Forson delivers the update, stakeholders from business, civil society, and international partners will be watching for signs of fiscal discipline, credible policy direction and a commitment to long-term stability.