Minister of Finance, Cassiel Ato Forson, has reaffirmed the government’s commitment to addressing Ghana’s economic challenges, urging Members of Parliament to support the government’s proposals for the 2025 budget to ensure its successful implementation.
Speaking at a two-day post-budget workshop for MPs on Saturday, March 15, 2025, Forson passionately emphasized the need for collective efforts in driving forward innovative solutions that will resolve long-standing fiscal issues and stabilize the economy.
He indicated that the government is implementing new measures to reduce the tax refund ceiling and diversify funding sources for essential government expenditures.
He explained that the workshop is a crucial platform for MPs to evaluate the budget thoroughly before the debate and approval process and shared how past workshops have personally helped him understand the intricacies of the budget, enabling him to contribute meaningfully to the national discussion.
Support for people-centered approach
Ato Forson outlined the core objective of the 2025 budget: “resetting the Ghanaian economy for the people.” He acknowledged the current economic struggles but reassured that the government’s strategies are designed to resolve these challenges.
The Finance Minister stressed that the 2025 budget is centered on the welfare of the people, especially the poor and vulnerable. He also highlighted its focus on promoting private sector growth and generating employment opportunities.
“We recognize the state of our economy, but more importantly, we have introduced innovative strategies to resolve these challenges,” he stated.
Key targets and ambitious plans
The Minister revealed the key targets for the 2025 fiscal year, including:
- GDP growth of at least 4%
- Non-oil GDP growth of at least 4.8%
- Inflation rate to end the year at 11.9%
- A primary balance surplus of 1.5% of GDP
- International reserves to cover a minimum of three months of imports
He called on MPs to support the budgetary measures and the necessary legislations that will ensure the successful implementation of these goals.
He mentioned several groundbreaking initiatives that are embedded in the 2025 budget, which include:
- 24-Hour Economy Policy: Aimed at driving inclusive growth and creating jobs.
- Big Push Policy: A 10-billion initiative to address critical infrastructure and economic challenges.
- Ghana Gold Board: To boost foreign exchange inflows and gold reserves.
- Agriculture for Economic Transformation Agenda: Focused on strengthening the agriculture sector as an economic driver.
- Social Protection Enhancements: New programs to alleviate hardship and support vulnerable groups.
The Minister also outlined key structural reforms, including the introduction of a debt ceiling under the Fiscal Responsibility Act and the establishment of an independent fiscal council to monitor fiscal discipline. He also revealed plans to restructure the Bank of Ghana to bolster its ability to stabilize exchange rates and manage inflation.
Sustaining development through innovation
Hon. Ato Forson revealed the government’s plan to uncapping key funds like the National Health Insurance, the Ghana Education Trust Fund, and the Road Fund, to ensure sustainable funding for essential services, such as free secondary and tertiary education.
He also proposed allocating more resources from the Annual Budget Funding Amount (ABFA) to infrastructure projects, thereby ensuring more efficient use of public funds.
The Minister urged MPs to join the government in its quest to implement the 2025 budget effectively, ensuring that the proposed initiatives bring about positive changes for the people of Ghana.
By Osumanu Al-Hassan/thenewsbulletin24.com