The Minister of Finance, Dr Cassiel Ato Forson, will present the 2026 Budget and Economic Statement of the government to Parliament today, amid heightened expectations among residents, various groups and stakeholders for their interests to be satisfied in the coming year.
The budget, the second of President John Dramani Mahama in his second term, is expected to allocate significant resources to many flagship programmes while meeting the demands of labour, some of whom have either embarked on strike or issued notices of impending industrial actions if their demands are not met.
For instance, the government is expected to allocate about GH¢30.8 billion for the implementation of the flagship infrastructure programme, Big Push, up from the GH¢13.85 billion allocated in the 2025 budget, President John Dramani Mahama said in Wa last Tuesday.
The $10 billion Big Push infrastructure project is expected to draw on all the oil revenue allocation to fund the annual budget.
Other initiatives that would receive attention would be the 24-hour Economy Programme, the establishment of the Women’s Development Bank, the National Apprenticeship Programme, the ‘Adwumawura’ Programme, the Digital Jobs Initiative, the Agriculture for Jobs Programme, and the Rapid Industrialisation for Jobs Programme.
The President, during the meeting with civil society organisations more than a month ago, gave the assurance that the National Anti-Illegal Mining Operations Secretariat (NAIMOS) would be allocated substantial resources to enable it to function more effectively.
Among the key measures expected in today’s budget is the removal of the controversial COVID-19 Levy.
The Budget Statement is also expected to detail a full restructuring of the value added tax (VAT) regime, simplifying it from the current complex formula.
Dr Forson is also expected to announce massive injection into the energy, road and agriculture sectors, with major policy directions on the cards.
Labour
On the labour front, a number of commitments are awaiting budgetary allocations.
They include the implementation of the conditions of service of nurses and midwives, railway workers and the absorption of the nine per cent increment in the base pay of public sector workers, as well as new recruitments into the security services and the public sector.
Dr Forson is also expected to provide updates on several projects, programmes, and initiatives started in addition to those the government promised to continue and not abandon, including the 55 stalled road projects.
Sources within the Ministry of Finance have hinted that the budget will also seek to consolidate the much-touted economic stability as witnessed in lowering inflationary rates and a strengthened local currency, among other improved indicators.
In the same vein, the budget is expected to outline how the government intends to sustain key interventions and expand employment opportunities across sectors.
Public discourse
Ahead of the budget presentation, public discourse has shifted from celebrating macroeconomic recovery to demanding tangible improvements in livelihoods and productivity.
Economists, business leaders, traders and policy experts are calling on the government to consolidate the progress achieved under the 2025 budget, which is on the theme, “Resetting the Economy for the Ghana we want,” while focusing more on job creation, industrial expansion and targeted fiscal reliefs that can help impact citizens and businesses.
The 2025 budget was largely framed around restoring stability after the turbulence of the pandemic years and the economic adjustment period under the International Monetary Fund (IMF)-supported recovery programme.
While the government has succeeded in stabilising major indicators such as inflation, exchange rate, and fiscal balance, there are still concerns about the slow pace of real sector performance and the limited trickle-down effects on households and businesses.
Fiscal consolidation
The 2025 fiscal policy sought to restore investor confidence through debt restructuring, fiscal consolidation, and targeted investment in productive sectors of the economy.
By mid-year, inflation reduced from 23.8 per cent in December 2024 to 13.7 per cent in June 2025 and further declined to 8.0 per cent year-over-year in October this year, the first single-digit rate since 2021.
The cedi experienced relative stability, fluctuating only mildly against major international currencies.
As at the end of June 2025, the Cedi appreciated by 42.6 per cent against the US dollar, 30.3 per cent against the British Pound, and 25.6 per cent against the Euro.
This is a significant reversal compared to the same period in 2024 when the cedi depreciated by 18.6 per cent, 17.9 per cent, and 16.0 per cent against the US Dollar, British Pound and Euro, respectively.
Gross international reserves have significantly improved. The Bank of Ghana accumulated $11.12 billion covering 4.8 months of imports as of the end of June 2025, compared to $8.98 billion, covering four months of imports as of the end of December 2024.
These indicators suggested progress towards macroeconomic recovery.
However, many private-sector players maintain that the gains have not really translated into lower costs of doing business or expanded employment.
KPMG’s survey
A Pre-Budget Survey by the KPMG Ghana showed that about 45 per cent of respondents agreed that the budget effectively addressed Ghana’s key macroeconomic challenges, particularly inflation control and exchange rate stability. Yet, 30 per cent expressed strong confidence in its ability to drive sustained growth.
A Partner and Head of Advisory at KPMG Ghana, Kwame Sarpong Barnieh, responding to a question from the Daily Graphic at a press conference on KPMG’s Pre-Budget Survey in Accra, stated that the 2025 budget succeeded in restoring calm to the country’s fiscal environment.
However, he said the next budget must go further by channelling more resources into productivity, innovation, and social impact to help transform the economy.
Business and trade associations, such as the Ghana National Chamber of Commerce and Industry (GNCCI), Association of Ghana Industries (AGI) and Ghana Union of Traders Association (GUTA), have registered their displeasure about the country’s tax regime.
The President of GUTA, Joseph Obeng, stated that the country needed a tax regime that rewarded compliance and supported competitiveness because they were still weighed down by multiple taxes, high energy costs and limited credit.
The Chief Executive Officer (CEO) of GNCCI, Mark Badu-Aboagye, said the industrial sector was not expecting new taxes or an increase in the component of the existing taxes in the 2026 budget.
“We have enough tax handles to generate the needed revenue, and for that reason, we do not expect the government to introduce a new tax or increase the rate for the existing taxes.
“Rather, we expect the government to enhance compliance and the collection of taxes to generate the needed revenue for development. We also expect the removal of the COVID-19 levy in the current budget,” he said.
He said industry expected a very transformative budget that could empower the private sector to expand and employ more people, reduce poverty and set the tone for the change in the structure of the economy.
Nurses’ service conditions
The Assistant National Public Relations Officer of the Ghana Registered Nurses and Midwives Association (GRNMA), Philemon Gyapong, said the association expected the 2026 budget to reflect the conditions of service for nurses and midwives that were agreed upon in 2024, but had not yet been fully implemented.
He explained that out of the eight key demands the association made, the government had agreed to implement three in 2025 — namely, the book and research allowance, fuel allowance and uniform allowance.
“As we speak, they have been able to work on two, the fuel and uniform allowances, with the book and research allowance still pending,” he added.
Big Push initiative
The Co-Chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), Dr Steve Manteaw, stated that with the introduction of the Big Push initiative, the current administration appeared to recognise the need to treat oil revenue as an investment resource and not merely as income for consumption.
He stated that stakeholders were encouraged by the shift in approach, as it signalled that petroleum revenues would now be channelled towards productive and capital investment rather than recurrent expenditure.
Dr Manteaw expressed optimism that the government would prioritise allocating a greater share of petroleum proceeds to capital projects, stressing that such a move was critical to generating long-term economic value.
