Dr Cassiel Ato Forson is expected to present the mid-year budget on July 24, 2025
The Minister of Finance, Dr Cassiel Ato Forson, is expected to present the Mid-Year Budget Review to parliament on Thursday July, 24,2025, to provide updates on government expenditure and policies announced in the 2025 Budget.
Key among the policies outlined in the 2025 budget was the government’s drive to tame inflation and ensure exchange rate stability in line with its reset agenda.
Here are some policies the government announced when it presented the budget on March 11, 2025:
i Overall Real GDP growth of at least 4.0 percent;
ii Non-Oil Real GDP growth of at least 4.8 percent;
iii End-Period inflation rate of 11.9 percent;
iv Primary Balance on Commitment basis at a surplus of 1.5 percent of GDP; and
v Gross International Reserves (including oil funds and encumbered/pledged assets) to cover not less than 3 months of imports.
The minister also noted that the government will implement a number of measures to complement the Bank of Ghana’s monetary and exchange rate policies to stabilise inflation and the exchange rate.
The measures to stabilise the exchange rate include the following:
i. the establishment of the GoldBod to enhance the generation and accumulation forex to support the stability of the cedi;
ii. the BoG will continue to implement its FX forward auctions to support the stability of the Cedi;
iii. government’s strong fiscal consolidation through the reduction in public sector spending and the fiscal deficit will reduce pressures on the exchange rate; and
iv. our import substitution drive under the 24-Hour economy involving the domestic production of key products originally imported will reduce imports and related FX requirement, boding well for FX stability.
So far, the government has achieved the following, according to the Bank of Ghana:
The Ghanaian Cedi has appreciated by over 42% year-to-date as of June 2025, reversing nearly all the losses incurred in 2022 and 2023.
• Gross international reserves now stand at US$11.1 billion, providing 4.8 months of import cover, up from US$8.98 billion at the end of last year.
• Ghana recorded a trade surplus of US$4.14 billion in the first four months of 2025, with exports growing by over 60%, mainly from gold, cocoa, and oil.
• The current account surplus improved significantly to US$2.12 billion in Q1 2025, compared to just US$66 million a year earlier.
• Remittance inflows remain resilient, and Ghana’s IMF-supported programme has
passed successive reviews, leading to a sovereign credit rating upgrade by S&P from Selective Default to CCC+.
The Mid-Year Budget is therefore expected to address the country’s economic performance, debt restructuring and debt payments, and arrears owed to contractors.
SSD/MA
Watch the latest episode of BizTech below: