2025 Budget offers hope

Three days ago, the Minister of Finance, Dr Cassiel Ato Forson, presented the new administration’s maiden budget which is expected to serve as the blueprint for the nation’s economic reset agenda, in Parliament.

The minister announced a raft of measures that seek to strike a balance between maintaining fiscal discipline while ensuring economic growth that benefits all.

True to the NDC’s campaign promises, the budget scrapped some taxes which it described as nuisance taxes.

They include the E-levy, betting tax, emissions levy and withholding tax on unprocessed gold by small-scale miners

To plug the loophole, the government announced that it would reduce the current tax refund ceiling from six per cent to four per cent of total revenue.

This is expected to help the government save GHc3.8 billion which is enough to offset the scrapping of the e-levy (GHc1.9 billion) and the betting tax (GHc180 million).

The Daily Graphic believes the Budget and Economic Policy Statement offers a balanced roadmap for addressing the country’s economic challenges.

With its theme

"Resetting the Economy for the Ghana we Want," the budget introduces several promising initiatives that could help stabilise the economy and create new opportunities for citizens.

The government's 24-hour Economy policy represents an innovative approach to boosting productivity and employment.

By enabling businesses to operate around the clock in three shifts, this initiative has the potential to increase output and create additional jobs.

While implementation details remain to be seen, the concept addresses the need for creative solutions to persistent unemployment.

Similarly, the $10 billion "Big Push" infrastructure programme acknowledges the critical role of infrastructure in economic development. Improved road networks, energy infrastructure and industrial zones are essential foundations for growth, though Ghanaians will naturally be watching closely to ensure these investments deliver tangible improvements to daily life.

The administration's commitment to streamlining government expenditure is evident in the reduction of ministerial appointments from 88 to 60 and ministries from 30 to 23.

These structural changes suggest a recognition that fiscal discipline must begin at the highest level of government.

The Women's Development Bank initiative, supported by a GH¢51.3 million seed fund, also acknowledges the critical role of women entrepreneurs in the economy.

This targeted approach to financial inclusion, alongside the GH¢1.5 billion allocation to agriculture transformation, could create meaningful opportunities for underserved sectors of the population.

The government's investments in youth employability through the National Apprenticeship, the "Adwumawura" and the National Coders programmes represent practical steps towards addressing the skills gap in the workforce.

These programmes have the potential to equip young Ghanaians with relevant abilities for today's job market.

The removal of certain taxes such as the betting tax, e-levy and emission levy would also provide some relief to consumers and businesses.

Challenges certainly remain, and the Daily Graphic believes the key among them is the management of the GH¢56.9 billion budget deficit.

The minister's financing strategy relies significantly on domestic measures and international support, highlighting the continuing constraints on the fiscal space.

Overall, this budget presents a reasonable framework for economic recovery, with initiatives that address key areas of concern.

Its success will, however, depend on effective implementation, transparent management of resources and continued engagement with all stakeholders.