Finance Minister Dr. Cassiel Ato Forson is scheduled to present the 2025 Mid-Year Budget Review to Parliament on Thursday, July 24. The presentation, mandated under the Financial Administration Act and Section 28 of the Public Financial Management Act, 2016 (Act 921), will provide an update on the government’s fiscal performance in the first half of the year and outline strategies for the remainder of 2025.
Key Focus Areas
This year’s Mid-Year Budget Review is expected to deliver a comprehensive assessment of the government’s economic management so far, touching on key indicators such as revenue performance, public expenditure, debt servicing, and policy implementation. It will also include any necessary revisions to the fiscal framework in response to emerging economic trends.
Dr. Ato Forson is expected to provide updates on:
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Macroeconomic performance, including inflation, exchange rate dynamics, and structural reforms
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Revenue mobilisation and whether Ghana is on course to meet its year-end targets
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Efforts to sustain the current economic recovery, particularly in the context of global and domestic challenges.
Recent data from the Bank of Ghana suggests that the economy is showing signs of resilience and recovery. In the first quarter of 2025, real GDP grew by 5.3%, driven by strong performances in the agriculture and services sectors. Non-oil GDP posted an even stronger growth rate of 6.8%.
The Bank’s Composite Index of Economic Activity recorded a 4.4% year-on-year increase in May 2025, while the Purchasing Managers’ Index (PMI) points to rising business and consumer confidence.
Fiscal and External Sector Updates
Private sector credit growth has also shown significant improvement, rising to 19.9% in April 2025 from 10.8% in the same period last year. The contraction in real credit has narrowed substantially, signaling increased lending activity and improved private sector support.
On the external front, Ghana recorded a provisional trade surplus of US$5.6 billion in the first half of 2025, buoyed by robust gold and cocoa export revenues. The current account surplus also expanded to US$3.4 billion over the same period, reflecting a solid external position.
IMF Programme and Commitments
Dr. Ato Forson is expected to highlight progress made under the International Monetary Fund (IMF) programme, reaffirming the government’s commitment to meeting agreed targets and policy reforms. The update will provide insights into how the government is aligning its fiscal strategy with IMF expectations and broader economic recovery goals.
As economic stakeholders look ahead to the second half of the year, the Mid-Year Budget Review will serve as a key indicator of Ghana’s fiscal health and the government’s roadmap for navigating ongoing economic challenges.
Story By: Afia Ohenewaa Akyerem