Cedi depreciation, market women’s concerns, and unpaid youth shaped 2025 budget – Ato Forson

Minister of Finance Dr Cassiel Ato Forson has disclosed that Ghana’s 2025 Budget was shaped by concerns from market women, the impact of cedi depreciation, and the struggles of unpaid youth.

Speaking in an interview on Joy TV after presenting the 2025 Budget to Parliament on March 11, Dr Forson said he personally engaged traders at major markets, including Makola, to understand the economic hardships Ghanaians face.

“I visited Makola Market, and almost every person I spoke to, mostly women, told me the biggest problem in Ghana today is the exchange rate. If we can stabilise the cedi, they can hold prices,” he stated.

He recounted how a trader expressed frustration over the sharp rise in prices.

“A woman told me that in just three weeks, the price of cooking utensils she bought had jumped from GH¢1,350 to GH¢1,750. The shop owner explained that due to exchange rate volatility, they had to hedge by increasing prices,” he said, adding that this experience influenced key decisions in the budget.

On youth unemployment, Dr Forson cited the case of more than 300 pharmacists who were employed in June 2023 but had not received salaries.

He assured that the government would address such cases and announced a GH¢300 million allocation for the National Apprenticeship Programme to equip young people in rural areas with skills and tools.

Dr Forson also touched on the challenge of project financing, revealing that some projects had stalled due to a lack of funds.

He said the government had made provisions for GH¢13 billion to clear outstanding arrears while prioritising projects that are 70–90% complete.

On tax cuts, he explained that the government had removed five taxes, including the e-levy and betting tax, without creating a revenue gap.

“We identified misapplied funds in the tax refund account. Over the last eight years, only 43% of the funds were used for tax refunds, the rest was misused. By reallocating part of it, we recovered GH¢3.8 billion,” he said.

He stressed that the 2025 Budget was designed based on real experiences from traders and workers rather than solely relying on economic theories.

“The best economists in this country are largely market women. They have tested and tried things, they are successful,” he remarked.

Dr Forson assured Ghanaians that measures had been put in place to stabilise the cedi, clear arrears, and support businesses, adding that the government would continue engaging the public in shaping economic policies.