Finance Minister Cassiel Ato Forson has outlined a series of bold policy initiatives and resource allocations aimed at transforming Ghana’s economy, creating jobs, and addressing social challenges.
The pillar for these initiatives is the $10 billion ‘Big Push’ policy for strategic infrastructure development to open up the country, drive sustainable economic growth, and support the 24-Hour Economy policy.
The 2025 budget also introduces groundbreaking measures such as the establishment of the Ghana Gold Board (GOLDBOD), and significant investments in education, healthcare, and social protection.
Presenting the 2025 Budget to Parliament on Tuesday, the Finance Minister disclosed that the 24-hour economy flagship initiative is designed to stimulate economic growth by enabling businesses and institutions to operate around the clock in three shifts of eight hours each.
According to the Minister, the policy will boost production, promote productivity, and generate well-paying jobs.
The government, he said, plans to present the policy to Parliament for consideration, alongside a review of the Labour Act and the Ghana Investment Promotion Centre (GIPC) Act to facilitate its implementation.
To address foreign exchange challenges, the government will establish the Ghana Gold Board (GOLDBOD). The board will regulate, oversee, and manage the purchasing, refining, and exporting of Ghana’s gold resources.
“GOLDBOD will support foreign exchange inflows and gold reserve accumulation for the benefit of our dear country,” Ato Forson explained. An initial revolving fund of $279 million has been allocated to enable the board to purchase and export at least three tonnes of gold weekly from small-scale miners.
The budget also prioritizes social protection and education, with significant allocations to key programs. These include: GH¢13.85 billion for the Big Push Programme; GH¢499.8 million for the No-Academic-Fee policy for first-year students in public tertiary institutions; GH¢292.4 millionfor the distribution of free sanitary pads to female students in primary and secondary schools; GH¢242.5 million to support victims of the Akosombo dam spillage and GH¢200 million for victims of the recent tidal wave disaster in Ketu South.
According to the Minister, the government has also resolved the funding challenges of the Free Senior High School (SHS) program by uncapping the Ghana Education Trust Fund (GETFund).
“By uncapping GETFund, we are making an additional GH¢4.1 billion available to fully finance free SHS and free tertiary education for Persons with Disabilities,” Forson stated.
The National Health Insurance Scheme (NHIS) will receive a significant boost, with GH¢9.93 billion allocated for claim payments, essential medicines, vaccines, and the Free Primary Healthcare program. The Livelihood Empowerment against Poverty (LEAP) program will also see a 30.8% increase in benefits, with the number of beneficiary households rising to 400,000 by July 2025.
The Agriculture for Economic Transformation Agenda (AETA) will receive GH¢1.5 billion to promote modernized agriculture, agribusiness, and value addition. The initiative is expected to drive import substitution, exports, and job creation.
Additionally, GH¢51.3 million has been allocated as seed funding for the establishment of the Women’s Development Bank.
To address road infrastructure challenges, the Road Fund has been uncapped, with GH¢2.81 billion allocated solely for road maintenance. The District Assembly Common Fund (DACF) will also see increased allocations, with 80% of funds directed to district assemblies to spur local economic growth.
“This is a significant step towards deepening decentralization,” Ato Forson said.
He disclosed that the government will formalize the export of Ghanaian labour to other countries, creating safer and legal pathways for workers while maximizing remittances and foreign exchange earnings. “
According to him, the initiative will reduce illegal migration and protect the rights of Ghanaian workers abroad.
Ato Forson stressed that the 2025 budget reflects the government’s commitment to economic transformation, social protection, and inclusive growth, stating, “We are taking bold steps to address the challenges facing our economy and improve the lives of all Ghanaians.”
By Osumanu Al-Hassan/thenewsbulletin24.com