Finance Minister to Present 2025 Budget to Parliament on March 10
Government Seeks to Balance Expenditure, Reduce Debt Stock in Upcoming Budget
The Minister of Finance, Dr. Cassiel Ato Forson, is slated to present the 2025 Budget to Parliament on March 10, 2025. This presentation is contingent upon Parliament’s approval and must take place prior to March 31, 2025, in accordance with the Financial Administration Act.
Preceding this, Parliament approved an Expenditure in Advance of Appropriation, colloquially referred to as a mini-budget, totaling GHβ΅68.1 billion to cover government expenditures from January to March 2025.
The Finance Ministry has disseminated comprehensive guidelines to various ministries, delineating spending targets and program inputs for the 2025 Budget. A primary objective of these guidelines is to rationalize expenditure, thereby mitigating the country’s burgeoning debt stock.
In preparation for the 2025 Budget, the Finance Ministry has engaged in an exhaustive process, soliciting inputs from diverse stakeholders. Ministers have been instructed to prioritize their spending plans and programs for 2025, ensuring a judicious allocation of resources.
The forthcoming budget is anticipated to play a pivotal role in revitalizing the economy, with a particular emphasis on job creation through the 24 Hour Economy Programme. Furthermore, the budget is expected to introduce measures aimed at removing taxes such as the betting tax, COVID-19 levy, and the E-Levy.
A significant challenge confronting the government is the substantial fiscal gap created by the removal of these taxes, estimated to be approximately GHβ΅10 billion. Additionally, the energy sector debt poses a considerable threat to the country’s economic recovery.
In light of these challenges, the government is endeavoring to implement prudent fiscal measures, ensuring a stable economic environment. The 2025 Budget will be instrumental in achieving this objective, providing a comprehensive framework for economic growth and development.
The International Monetary Fund (IMF) program will also exert a profound influence on the 2025 Budget, ensuring that policies and programs align with IMF requirements. This synergy will facilitate a cohesive and effective approach to economic management, ultimately fostering a stable and prosperous economic environment.
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