Minister of State in charge of Government Communication, Felix Kwakye Ofosu, has announced that Cabinet has officially approved the 2025 Budget, paving the way for its presentation to Parliament on March 11, 2025.
Speaking at a post-special Cabinet meeting press briefing, Kwakye Ofosu stressed that the budget aligns with the government’s economic priorities and campaign promises. He assured Ghanaians that the fiscal plan is designed to stabilize the economy while maintaining social interventions.
The Cabinet meeting, chaired by President John Mahama, provided an opportunity to review key policy proposals and assess the political and economic implications of the budget.
The approval process also considered necessary expenditure cuts and tax reforms aimed at boosting revenue while reducing the financial burden on citizens.
Key Highlights of the Budget
Finance Minister Dr. Cassiel Ato Forson presented the budget to Cabinet earlier today, outlining proposed spending reductions to address current economic challenges. While the specific areas to be affected remain unclear, government sources indicate that expenditure rationalization is a key focus.
Dr. Forson also detailed plans to streamline Ghana’s tax structure, including reviewing the Value Added Tax (VAT) and eliminating certain levies. The government has confirmed its commitment to scrapping the Betting Tax, e-Levy, and COVID-19 Levy, a move expected to provide relief to businesses and consumers.
Economic Adviser to the President, Seth Terkper, stated that despite potential revenue losses from tax removals, the government remains optimistic that enhanced tax compliance measures will help close the revenue gap.
With Cabinet’s approval secured, Dr. Forson is set to present the final 2025 Budget Statement and Economic Policy to Parliament on Tuesday, March 11, 2025.
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