Experts endorse 2025 budget as blueprint for economic revival

The 2025 budget statement has received widespread acclaim from economic experts who describe it as a well-crafted blueprint for Ghana's economic revival.

At an X Spaces dialogue hosted by Graphic Business in partnership with First National Bank, Kofi Pianim, Head of Global Markets at First National Bank, and Professor John Gatsi, Dean of Students at the University of Cape Coast Business School, praised the budget's focus on economic revival, inflation control, and food production.

The duo emphasised that the budget's success hinged on disciplined execution and private-sector empowerment. They lauded the government's modest 4 per cent growth projection for 2025, describing it as laudable and reflective of a commitment to prudence.

Tackling inflation and food security

Professor Gatsi highlighted the budget's clear policy direction to combat inflation, citing the government's efforts to boost food production and reduce reliance on imports. 

Mr Pianim urged Ghanaians to abandon dollar hoarding which he believed exacerbates inflation.

Private sector and IMF 

Both experts stressed the private sector's pivotal role in the budget's success. Professor Gatsi welcomed the government's rejection of excess Treasury bills, while Mr Pianim called on the private sector to put its house in order and pressed the government to lower taxes to spur job creation and stabilise the cedi.

Growth targets and bank recapitalisation

The budget's 4.2 billion cedi allocation for recapitalising the National Investment Bank (NIB) and Agricultural Development Bank (ADB) drew scrutiny. 

While Professor Gatsi supported ADB's focus on cocoa financing, he opposed a potential merger of the two institutions. 

The experts concluded that the budget sets a promising course, but its ultimate success would depend on meticulous implementation and collaboration across sectors.