Dr. Cassiel Ato Forson — Ghana’s Minister for Finance — is scheduled to present the much-anticipated 2025 Mid-Year Budget Review to Parliament of Ghana today, amidst growing public and investor interest. All eyes are on whether the government will stick to its original expenditure framework or request a supplementary budget to respond to increasing fiscal and political pressures.
This review comes at a time when Ghana’s macroeconomic indicators are showing signs of strong recovery, creating expectations for a policy direction focused on fiscal consolidation, boosting investor confidence, and ensuring long-term price stability.
Ghana’s inflation rate — which stood at 23.5% at the start of the year — declined significantly to 13.7% by the end of June 2025. This ongoing disinflation trend has prompted economic analysts to predict that the country could achieve single-digit inflation before year-end, ahead of the official target of 11.9%.
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One of the key concerns during the early phase of President Mahama’s second term was the volatility of the Ghanaian cedi. However, the local currency has shown a notable rebound, strengthening from approximately GH¢15 to the US dollar in January to around GH¢10.45 as of now. This appreciation has led to modest price reductions in some retail markets, even as manufacturers adopt a cautious approach, tracking currency trends within a 60-day pricing window established in consultation with major business associations.
On the fiscal front, the recent removal of the betting tax has been positively received, while the introduction of a new GH¢1 fuel levy has triggered public criticism. It remains to be seen whether the Finance Minister will introduce a sunset clause or provide clarity on the duration and scope of this levy during the review.
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Meanwhile, Ghana’s economic growth outlook continues to improve. While the government had initially projected GDP growth at 4.4% for 2025, revised data from the Ghana Statistical Service (GSS) indicates an impressive 5.3% growth in Q1 alone. This performance could influence an upward revision in the government’s fiscal and economic projections for the rest of the year.
As the nation awaits the budget review presentation, stakeholders across sectors — from business leaders and financial analysts to everyday citizens — will be closely watching for policy shifts, tax reforms, and macroeconomic signals that could shape the country’s economic trajectory heading into 2026.
