WATCH: Mahama’s First Budget - Finance Minister to outline economic recovery plans today

The Minister of Finance, Dr. Cassiel Ato Baah Forson, will today, March 11, 2025, present the Business Statement and Economic Policy of the government for the year ending December 31, 2025, to Parliament.

This marks the first budget under President John Dramani Mahama since assuming office on January 7, 2025.

The presentation, in line with Article 179 of the 1992 Constitution, is expected to outline the government’s economic recovery strategy as Ghana navigates a period described by the administration as an economic crisis.

Economic challenges and policy direction

Ahead of today’s budget reading, government officials have acknowledged the dire state of the economy. At a recent press briefing, Minister for Government Communications, Mr. Felix Kwakye Ofosu, revealed that economic figures presented to Cabinet “were even worse than we had known before the elections.”

In response to these challenges, the budget will reflect recommendations from the National Economic Dialogue held on March 3 and 4, 2025, where economic experts and private sector players proposed urgent interventions.

Key expectations from today’s budget include:

• Macroeconomic Stability: Restoring fiscal discipline and boosting investor confidence through major tax reforms to curb revenue leakages and expand the tax net.
• Private Sector Growth: Implementing public sector reforms to improve productivity and attract private investment.
• Infrastructure Development: Addressing Ghana’s infrastructure deficit by leveraging the Ghana Stock Exchange (GSE) and Ghana Infrastructure Investment Fund (GIIF) for financing.
• Energy Sector Reforms: Reviewing and renegotiating Independent Power Producer (IPP) contracts to lower power costs while restructuring the Electricity Company of Ghana (ECG) to improve efficiency.

Parliament’s role and stakeholder engagement

The Deputy Majority Leader, Mr. Kweku Ricketts-Hagan, has urged all Members of Parliament (MPs) to be present for the budget presentation, emphasizing its significance in shaping Ghana’s economic recovery.

Additionally, sectoral estimates from various ministries are expected to be submitted for parliamentary consideration, ensuring alignment with the government’s economic vision. A post-budget workshop will also be held to provide in-depth insights into the policy measures announced.

Stakeholder expectations

Ghana’s business community and policy analysts are keenly awaiting concrete steps to tackle the economic downturn. They are calling for a comprehensive strategy that ensures sustainable growth, boosts export competitiveness, enhances technology adoption, and prioritizes human development.

The government is also under pressure to streamline tax policies for the agriculture sector, address skill gaps, and improve industrial productivity.

As Dr. Forson takes the podium today, all eyes will be on how the Mahama administration plans to reset the economy, build investor confidence, and chart a path toward long-term economic stability and transformation.