Ghana’s Finance Minister Cassiel Ato Forson has unveiled plans for the 2025 national budget, framing it as a catalyst for economic recovery, social inclusion, and broad-based opportunity.
Set for presentation to Parliament on March 11, the budget aims to address mounting pressures from businesses and households while stabilizing an economy still reeling from inflation, currency volatility, and debt restructuring.
In a social media post marking the final stretch of preparations, Forson, who also serves as the Ajumako-Enyan-Esiam MP, emphasized the government’s focus on “growth, development, and opportunities for all.” The pledge comes amid calls from small and medium enterprises (SMEs) for corporate tax cuts and simplified filing processes to free up capital for expansion and hiring. Many entrepreneurs argue that Ghana’s current tax regime stifles innovation, diverting resources from job creation to compliance costs.
Access to affordable credit remains a top concern, particularly for startups and SMEs struggling under interest rates that rank among West Africa’s highest. Business leaders are pushing for reforms to ease collateral requirements and expand low-cost financing, which they say could unlock growth in sectors like agriculture and manufacturing. Meanwhile, chronic infrastructure gaps—from potholed roads to erratic power supplies—continue to inflate operational expenses. Stakeholders expect the budget to prioritize upgrades to transportation networks and digital connectivity, seen as critical for attracting investment and boosting productivity.
The budget’s emphasis on local industries has drawn mixed reactions. Manufacturers, grappling with soaring production costs and competition from cheaper imports, are urging tariffs and subsidies to protect domestic markets. Yet critics warn such measures could spark trade disputes or worsen inflation, which, though easing, remains volatile at 23%.
Forson faces a delicate balancing act: stabilizing the cedi while funding development in an era of austerity. Ghana’s $3 billion IMF bailout and ongoing external debt talks loom large, requiring strict fiscal discipline even as public demand for relief grows. Previous budgets have drawn criticism for overpromising, and skeptics question whether 2025’s plan can reconcile growth targets with deficit reduction.
“The true test will be execution,” said Accra-based Financial Journalist Roger A. Agana. “Ambitious rhetoric means little without tackling corruption, improving tax compliance, and insulating key sectors from political interference.”
As March 11 approaches, businesses and households alike await clarity on how the government plans to turn promises into progress. For Forson, the challenge is clear: deliver a budget that bridges hope and hardship—or risk deepening the very inequalities it seeks to resolve.
