Finance Minister Dr. Cassiel Ato Forson has emphatically announced that the government will not be requesting any supplementary funds in the 2025 Mid-Year Budget Review, signalling strong confidence in Ghana’s ongoing economic recovery.
Presenting the review before Parliament on Thursday, July 24, Dr. Forson reaffirmed the administration’s commitment to fiscal discipline, revealing that all key macroeconomic targets for the year remain unchanged.
“Mr. Speaker, I am not asking for additional money from the Appropriations Act. We maintain the following macroeconomic targets for 2025,” the Minister stated.
According to Dr. Forson, the Mahama-led government is holding firm to its goals of overall GDP growth of at least 4.0%, non-oil GDP growth of at least 4.8%, an end-year inflation target of 11.9%, a primary balance surplus of 1.5% of GDP on a commitment basis, and gross international reserves covering no less than three months of imports.
He argued that economic developments in the first half of the year provide no justification for altering the Appropriations Act or revising core fiscal assumptions, asserting that improving indicators support the government’s current fiscal trajectory.
“Although we have made significant progress, we are cautiously optimistic,” he said, acknowledging the challenges that still confront the economy despite the momentum gained.
Dr. Forson further disclosed that revenue and expenditure projections are being revised to reflect expected inflows under the newly passed Energy Sector Levies Amendment Act, 2025 (Act 1141).
The mid-year budget review comes at a time when pressure is mounting on the government to prioritise efficiency, rein in spending, and sustain macroeconomic gains. Seven months into the new administration, the Mahama government is leveraging improved investor confidence, currency stability, and steady disinflation to project a path of economic resilience without expanding the public purse.
As the debate continues, stakeholders across the political and economic spectrum are closely watching whether the administration can maintain this fiscal prudence through the rest of the year.
