The Association of Ghana Industries (AGI) says it does not anticipate any major policy shift in the government’s mid-year budget review, which is scheduled to be presented today, July 24, by Finance Minister Dr. Cassiel Ato Forson.
AGI’s expectations are underpinned by a string of positive macroeconomic signals, including the recent appreciation of the cedi and a sustained downward trend in inflation.
The cedi has seen relative stability against major trading currencies, while inflation has decelerated sharply in recent months.
Speaking to Citi Business News, AGI Chief Executive Officer, Seth Twum Akwaboah said the Association is looking for policy announcements that will consolidate the gains made in the first half of the year.
“If you look at the major macroeconomic indicators…inflation rate, exchange rate, and all that goes with it, it has been reasonably good. We expect that there will be indications that the second half year will see further improvement and then also see areas that will spark growth in industries and in businesses so that we can create the jobs that people need.
“We have IMF conditionalities that is guiding our operations now and for that reason, everything has to be in tandem with the agreement that Ghana has made with the IMF. So we are not expecting major policy shift.
“What we want to see or hear is indicators that give us further confidence that points us to further improvement in the macroeconomic stability. If we have such stability, companies can expand, can plan ahead and do business,” Seth Twum Akwaboah mentioned.
Data from the Bank of Ghana shows headline inflation declined for six consecutive months, falling to 13.7% in June 2025 from 23.8% at the end of last year.
Real sector performance also showed resilience, with GDP expanding 5.3% year-on-year in Q1 2025. Non-oil GDP growth came in stronger at 6.8%, buoyed by increased output in agriculture and services.
On the external front, Ghana’s trade position has improved markedly. A provisional trade surplus of US$5.6 billion and a current account surplus of US$3.4 billion were recorded in the first half of 2025—more than double the US$1.4 billion and US$283 million, respectively, posted a year earlier.
These developments have helped shore up external buffers. Gross international reserves rose to US$11.1 billion at end-June 2025, equivalent to 4.8 months of import cover, up from US$8.98 billion at the close of 2024.
The government’s mid-year review is expected to provide further insight into how authorities plan to sustain macroeconomic stability amid ongoing fiscal consolidation under the IMF-supported programme.