By: Deborah Pofara Luu
Finance Minister Dr. Cassiel Ato Forson presented the 2025 Budget Statement and Economic Policy to Parliament on March 11, 2025, outlining the Mahama administration’s plan to stabilize Ghana’s economy and address fiscal challenges.
The budget, dubbed the “Asempa” budget, aims to fulfill the NDC’s 120-day social contract, as promised in their 2024 manifesto.
Dr. Forson described the economy as being in “deep crisis,” attributing the challenges to rising inflation, high debt levels, and a struggling currency inherited from the previous administration. He expressed concern over the state of Ghana’s finances, stating that the government faces significant hurdles in stabilizing the economy, which he also attributed to “reckless public spending”.
A major highlight of the budget was the removal of several taxes, including the Electronic Transfer Levy (E-Levy), the COVID-19 Health Levy, and the Betting Tax, a move intended to ease the financial burden on Ghanaians and stimulate economic recovery. During an X Spaces discussion, Dr. Forson also emphasized the government’s commitment to creating a stable economic environment with a stable exchange rate and controlled inflation.
The budget also addresses key projects, including the Effia Nkwanta Regional Hospital, Kejetia Market Phase 2, Bolgatanga-Bawku-Pulimakom road project, and the Tema-Aflao road project.
Dr. Forson assured the public that consultations and engagements would shape government policies, and the government is committed to a 24-hour economy.
