The Minister of Finance, Dr. Cassiel Ato Forson is expected to present the 2025 Budget to Parliament on March 10.
This is the date that the ministry has proposed to parliament for consideration.
This is subject to Parliament’s acceptance and approval depending on developments in the House.
Based on the country’s Financial Administration Act, the budget must be presented before March 31, 2025.
Parliament in January this year approved an Expenditure in Advance of Appropriation (Mini Budget) to cover government’s spending from January to March 2025.
The House approved about GH₵68.1 billion for the John Mahama administration to spend for the first three months of 2025.
2025 Budget preparation
The Finance Ministry has already sent out the broad guidelines to the various ministries to aid 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.
Government is planning to rationalize expenditure for 2025, as part of efforts to reduce the country’s debt stock.
The various ministries have been given timelines to submit inputs after which a final meeting will be held.
Inputs and focus of 2025 Budget
Government is hoping to use the policies and programmes in the 2025 Budget to kick start the process of resetting the economy and create the needed jobs through its flagship policy, the 24 Hour Economy Programme.
Dr. Forson is expected roll out some measures to remove taxes such as the betting tax, COVID-19 levy and the E-Levy.
The major challenges will be the blocking of an almost GH₵10 billion gap that will be created as result of the scrapping of the taxes.
In addition, the energy sector debt will be a major challenge that must be addressed since it has the potential of affecting Ghana’s economic recovery programme.
Dr. Forson, last week met with all the energy sector agencies, as part of efforts to take steps to deal with challenges facing the sector.
IMF programme and 2025 Budget
The 2025 Budget will be heavily influenced by Ghana’s programme with the IMF.
This ensures that the programmes and policies are in line with IMF programme.
The IMF team led by Mission Chief Stephane Roudet is in town to engage government on the budget preparations, rounding up their meetings on Friday February 14, 2025.
Some economists have warned that the current focus of Ghana’s programme with the IMF may be difficult for the administration to roll out.
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