The government has uncovered GH¢194 billion worth of contracts awarded by Ministries, Departments, and Agencies (MDAs) without approval, deepening Ghana’s economic troubles.
Presenting the 2025 Budget Statement and Economic Policy to Parliament on March 11, Finance Minister Dr Cassiel Ato Forson said these contracts, which make up 16.5% of Ghana’s Gross Domestic Product (GDP), were signed without commencement certificates, in violation of the Public Financial Management Act (Act 921).
“The road sector alone accounts for GH¢100 billion of these unapproved contracts,” Dr Forson said. “Most of these deals were signed without financial clearance, adding more pressure to an economy already struggling with arrears and debt.”
Beyond these unapproved commitments, the government faces GH¢67 billion in outstanding payments owed to contractors, suppliers, and state institutions.
This figure does not include GH¢1.73 billion owed to Independent Power Producers (IPPs) or the GH¢68 billion debt of the Electricity Company of Ghana (ECG) to contractors.
Dr Forson said an audit has been commissioned to verify these arrears before any payments are made. “Not a penny will be paid until we confirm these obligations,” he told Parliament.
Accra, March 11, GNA – Mr. Mahama Ayariga, the Majority Leader and Leader of Government Business in Parliament, has described the 2025 Budget as a testament to John Dramani Mahama government’s dedication to fulfilling its promises
In a comment after Finance Minister, Dr Cassiel Ato Baah Forson had presented the budget to Parliament on Tuesday in Accra, Mr. Ayariga emphasised the budget’s potential to offer hope to ordinary Ghanaians and introduce significant economic reforms.
He said: “Mr. Speaker, this clearly is a budget of a government and a party that keeps its promises. Almost every promise made by the Mahama government has been fulfilled in less than 120 days.”
Mr. Ayariga, also the National Democratic Congress Member of Parliament for Bawku Central, highlighted that the budget prioritised key sectors, directly benefiting market women, assembly members, students, and the public.
“Mr. Speaker, this budget is for Makola women, Assembly Men, girls, and school children. It delivers solid reforms and drives economic growth. By the time we finish implementing this budget, the elephant will be small—osono b3y3 ketekete,” he stated on the Floor of the House.
The budget introduced major policy measures aimed at stabilising and revitalising the economy.
It was presented by the Minister of Finance in accordance with Article 179 of the 1992 Constitution.
Finance Minister Dr Cassiel Ato Forson has announced that the total appropriation for the 2025 fiscal year amounts to GH¢290.9 billion.
Presenting the 2025 Budget to Parliament, Dr Forson provided an overview of the government’s revenue and expenditure projections for the year.
“Mr. Speaker, Total Revenue and Grants for 2025 is projected at GH¢223.8 billion or 17.2% of GDP, up from GH¢186.5 billion or 17.4% of GDP. The projection is underpinned by non-oil revenue measures which are expected to yield at least 0.5 percent of GDP,” Dr Forson stated.
He further explained that total expenditures for 2025 have been programmed at GH¢269.1 billion, representing 20.7% of GDP, down from GH¢279.2 billion or 26.0% of GDP in 2024.
“Total Expenditures (Commitment) for 2025 has been programmed at GH¢269.1 billion (20.7% of GDP), down from GH¢279.2 billion (26.0% of GDP) in 2024,” he noted.
Primary expenditure on a commitment basis, which excludes interest payments, is projected at GH¢204.7 billion, representing 15.8% of GDP in 2025. This marks a significant decline from GH¢232.4 billion, or 21.7% of GDP, in 2024.
“Primary Expenditure on a commitment basis (expenditures net of interest payments) is projected at GH¢204.7 billion, representing 15.8% of GDP in 2025, a significant decline from GH¢232.4 billion, representing 21.7% of GDP in 2024,” Dr. Forson explained.
Based on the resource allocations for the 2025 fiscal year, the total appropriation for the year ending December 31, 2025, is GH¢290,971,212,435.
“Mr. Speaker, based on the resource allocations for the 2025 fiscal year, the total appropriation for the year ending 31st December 2025 is GH¢290,971,212,435,” he said.
Read also…
2025 Budget: Govt to scrap E-levy, Emission levy, betting tax, other taxes
American actor and producer, Will Smith shared a photo of his blended family for National Napping Day.
In the photo shared on Instagram, his wife, actress Jada Pinkett Smith, stood in between the couple’s two children, Willow, 24 and Jaden, 26, while his former wife, Sheree Zampino, stood next to their son, Trey, 32.
Minority Leader, Alexander Afenyo-Markin has labelled the 2025 budget statement by Finance Minister Dr. Cassiel Ato Forson as uninspiring and full of lamentations.
According to Afenyo-Markin who described the 2025 budget as “Azaa budget”, the statement didn’t inspire any hope as the Minister just came to the Parliamentary chamber to complain.
Finance Minister Dr Cassiel Ato Forson has announced the establishment of a VAT reform task force to spearhead comprehensive reforms in Ghana’s Value Added Tax (VAT) system.
This initiative aims to address distortions, reduce the tax burden on businesses and households, and streamline the VAT regime.
Presenting the 2025 Budget in Parliament on Tuesday, March 11, Dr Forson stated, “We commit to the people of Ghana and the business community that we will undertake comprehensive VAT reforms this year to review the current distortions and cascading structure of the VAT regime.”
Read also: VAT should be restructured to support businesses – GUTA
He highlighted that Ghana’s effective VAT rate currently stands at 22%, as the 2.5% GETFund Levy, 2.5% National Health Insurance Levy (NHIL), and 1% COVID-19 Levy are added to the base VAT rate of 15%. However, businesses are not permitted to claim input VAT on NHIL, GETFund Levy, and the COVID-19 Levy, compounding the tax burden.
Dr Forson described the current VAT system as inefficient and distorted, blending VAT and sales tax principles while incorporating multiple tax rates.
To address these challenges, he said the government has requested technical assistance from the International Monetary Fund’s Fiscal Affairs Department, with an IMF mission expected to begin work in April 2025.
Ahead of the IMF’s recommendations, Dr Forson outlined six key areas that the VAT reforms—expected to be completed this year—will cover: abolishing the COVID-19 levy, reversing the decoupling of GETFund and NHIL from VAT, reducing the effective VAT rate for households and businesses, reversing the VAT flat rate regime, raising the VAT registration threshold to exempt micro and small businesses from VAT collection and enhancing VAT compliance through public education and awareness campaigns.
Dr Forson assured that the VAT Reform Task Force will hold broad consultations with key stakeholders to incorporate their inputs before finalising the reforms.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
The Minister of Finance, Dr. Cassiel Ato Forson, has announced the allocation of GH¢1.5 billion for the government’s Agriculture for Economic Transformation Agenda (AETA).
The agenda includes key projects such as ‘Nkoko Nkitinkiti,’ FEED Ghana, Ghana Grains Development Project, Vegetable Development Project, among others.
Presenting the 2025 Budget in Parliament on Tuesday, March 11, 2025, the finance minister stated, “Mr. Speaker, we have also allocated an amount of GH¢1.5 billion for the Agriculture for Economic Transformation Agenda (AETA), of which FEED Ghana, the Ghana Grains Development Project, the Vegetable Development Project, and Nkoko Nkitinkiti are all key components.”
Additionally, a seed fund of GH¢51.3 million has been earmarked for the establishment of the Women’s Development Bank.
Regarding the apprenticeship program, Dr. Ato Forson announced an allocation of GH¢300 million.
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Trending GH: Watch some Ghanaians share their expectations ahead of 2025 budget presentation
Government debt recorded at the end of December 2024 amounted to GH¢ 67. 5 billion representing 5.2% of GDP with the road sector accounting for GH¢21 billion.
Finance Minister, Cassiel Ato Forson, who made this known during a presentation of the budget in Parliament today said to ascertain the total arrears, and outstanding claims for all MDAs, the Ministry of Finance formally requested the MDAs on January 28, 2025 to submit information on all outstanding claims as at end-2024.
“The responses from the MDAs and the validation revealed that a staggering amount of GH¢67.5 billion is owed to government contractors and suppliers,” he said.
“This consists of MDA outstanding Interim Payment Certificates and invoices of GH¢49.2 billion and outstanding Bank Transfer Advice of GH¢18.3 billion at the Controller and Accountant-General’s Department”.
He said the total central government arrears payables exclude the US$1.73 billion owed to Independent Power Producers (IPPs); GH¢68 billion owed by the Electricity Company of Ghana (ECG); GH¢32 billion owed by the Ghana Cocoa Board (COCOBOD); and GH¢5.75 billion owed by Road Fund.
The Finance Minister also stated that as part of measures to address the mounting accumulated arrears the government has commissioned an audit of the arrears and guarantee value for money before payment.
Dr Cassiel Ato Forson, the Finance Minister has boldly touted some 21 promises so far delivered by President John Mahama since January 7.
The theme of the 2025 Budget is “Resetting Ghana for the economy we want.”
The finance minister in the budget reading announced that the government will be abolishing the Electronic Transaction Levy (E-levy), and the 10% tax on lottery winnings also known as the betting tax.
Today March 11, 2025, the Minister of Finance, Dr Cassiel Ato Forson presented the 2025 Budget to Parliament. He themed it “Resetting the Economy for the Ghana we Want”.
He said the President, John Mahama has chosen the path of reforms and transformation.
“He will fix the economy. He will restore hope. And lead us to build the Ghana we want together,” he said.
The Minister indicated that the 2025 budget is the culmination of the true aspirations, felt needs and genuine desires of the people of Ghana, expressed through engagements with diverse stakeholders, citing the National Economic Dialogue on the theme “Resetting Ghana – Building the Economy We Want Together” on March 3 and 4, 2025.
“Through this consensus-building dialogue, the people demanded decisive action and real solutions to the severe challenges that plaque us,” he added.
Below is an abridged version of the budget as presented in Parliament.
King Paluta’s hit song, ‘Aseda’, has been making waves across various platforms since its release, including concerts, bars, nightclubs, and even churches.
Now, Ghana’s parliament has joined the list, as some Majority MPs have been spotted singing ‘Aseda’ following the presentation of the 2025 budget on March 11, 2025.
The budget, presented by Finance Minister Dr. Cassiel Ato Forson, included key actions such as the abolition of the controversial E-Levy and betting tax, among others, as promised by President John Dramani Mahama.
However, one memorable moment came after the official adjournment of parliament.
As MPs made their way out of the chamber, several members from the majority side could be heard singing the lyrics of King Paluta’s ‘Aseda.’
The track, a song of thanksgiving to God, was used to express gratitude for a successful budget presentation.
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The Minister of Finance, Dr Cassiel Ato Forson, has assured Ghanaians that the government will shift its focus from relying heavily on taxes to slashing expenditure to address the fiscal deficit and public debt.
He made this statement while presenting the 2025 Budget under the theme: “Resetting the Economy of Ghana We Want” on March 11, 2025, in Parliament.
He indicated that fiscal deficit and public debt strongly featured among the key concerns raised by Ghanaians during the recent National Economic Dialogue.
“Mr. Speaker, Ghanaians, through the recent National Economic Dialogue, have expressed a clear desire for the fiscal deficit and public debt to be reduced through cuts in government spending rather than through only tax measures. We wholeheartedly agree,” he said.
Forson, however, assured that the government will uphold truthfulness, transparency and discipline in its bid to cut spending and save money.
“It will require some sacrifices, truthfulness, transparency and discipline. We will take strong measures to confront the situation head on,” he stated.
He seized the opportunity to call out the previous administration for not establishing any buffers, despite the growing debt servicing obligations to lessen the financial burden.
“There were no provisions to cushion the country against the debt servicing burden we are now facing. After 7th January 2025, the debt service reserve account (sinking fund) had a balance of just US$6,400. When we left office, we had left US$319 in that same account,” he lamented.
Dr. Cassiel Ato Forson, Minister of Finance presented the 2025 budget on March 11
The Minister of Finance, Dr Cassiel Ato Forson, has acknowledged significant GDP growth and the debt-to-GDP ratio recorded under the previous government at the end of 2024.
In his first budget presentation to Parliament on Tuesday, the finance minister said Ghana’s real Gross Domestic Product (GDP) recorded significant growth in 2024 – a development the Statistical Service of Ghana confirmed on Monday.
The Statistical Service announced that Ghana’s GDP growth rate had exceeded expectations, with a 5.7 growth rate at the end of 2024, which exceeded the budget projection of 3.1.
In his address in Parliament, Dr Forson stated the above development, reechoing that the economy showed strong resilience, posting higher-than-expected growth despite prevailing global and domestic challenges.
“Ghana’s real GDP growth in 2024 was remarkable, exceeding projections and demonstrating our economy’s capacity for recovery,” said Dr. Ato Forson.
The finance minister noted that the remarkable growth reflects the effectiveness of various economic policies implemented over the past year.
He, however, expressed the view that aspects of the growth included proceeds from illegal small-scale mining, commonly known as ‘galamsey,” and he acknowledged its impact on the economy.
Dr. Ato Forson also acknowledged Ghana’s improved debt-to-GDP ratio at the end of last year under the previous government.
Ghana’s debt-to-GDP ratio significantly improved to 65.7%.
Trending GH: Watch some Ghanaians share their expectations ahead of 2025 budget presentation
Former president Nana Addo Dankwa Akufo-Addo and President John Dramani Mahama
Some football fans on social media have expressed their profound gratitude to President John Dramani Mahama following the removal of the betting tax upon parliamentary approval.
Minister of Finance, Dr. Cassiel Ato Forson, announced that the government will remove the betting tax to ensure individuals receive their full winnings.
“We will abolish the 10% withholding tax on betting,” Dr. Ato Forson said during the budget reading in Parliament on March 11, 2025.
The announcement made during the 2025 budget presentation implies that the 10% VAT on bet winnings will no longer be in effect after parliamentary approval.
In response, many football fans praised the National Democratic Congress (NDC) for honoring their campaign promise to scrap the betting tax, alleviating the plight of individuals involved in betting.
Others criticized the previous New Patriotic Party (NPP) government, led by former President Nana Addo Dankwa Akufo-Addo, for introducing a tax that financially burdened bettors despite economic challenges.
Dr. Forson presented the 2025 Budget and Economic Policy on behalf of President John Dramani Mahama, in accordance with Article 179 of the 1992 Constitution and Section 21 of the Public Financial Management Act, 2016 (Act 921).
Read some of the reactions below:
Meanwhile watch as Ghanaians debate the appointment of Jordan Ayew as Black Stars captain below
In Ghana, a group of soldiers recently encountered a woman dressed in a military uniform. What happened next left many people talking.
The situation raised questions about whether the woman deserved the treatment she received or if the soldiers acted unfairly.
One of the soldiers confronted her, asking, “Madam, do you know what you are doing? Who gave you this uniform?”
The woman remained silent, looking around nervously.
Another soldier stepped forward, his voice firm. “This uniform is for trained officers, not just anyone,” he said.
The soldiers were not pleased. They believed the woman was impersonating a soldier, which is a serious offense in Ghana.
“Do you know this is illegal?” one soldier asked. “Wearing this uniform without permission is a crime.”
At that moment, a small crowd gathered, curious about what was happening. Some people whispered among themselves.
“Maybe she is a soldier,” one man said. “Or maybe she just wanted to wear it for fun,” another replied.
One of the soldiers decided to test her. “If you are a soldier, tell us your unit and rank,” he said. The woman hesitated, unable to answer.
That was enough proof for the soldiers. “Take off the uniform now,” a soldier ordered. The woman, looking embarrassed, slowly removed the uniform.
The soldiers then decided to hand her over to the police. “We are not here to punish you,” one soldier said, “but the law must take its course.”
The woman was taken away, and the crowd slowly dispersed.
After the incident, many people had different opinions. Some believed the soldiers did the right thing.
“A uniform is a symbol of discipline and service. It should not be worn by just anyone,” one citizen said.
Others felt the soldiers were too harsh. “Maybe she didn’t know it was wrong,” another person suggested.
The incident reminded people that impersonating a soldier is a serious matter. In Ghana, wearing a military uniform without authorization is against the law.
Finance Minister, Dr. Cassiel Ato Forson, has assured Ghanaians that the 2025 Budget is a true reflection of their needs, aspirations, and genuine desires.
Presenting the budget to Parliament on Tuesday, March 11, under the theme “Resetting the Economy for Ghana We Want,” he emphasized that the budget was shaped by extensive consultations with key stakeholders.
Lace gowns have long been a symbol of timeless beauty and sophisticated elegance in women’s fashion. With their intricate patterns and delicate textures, lace dresses have become a staple for formal occasions such as weddings, galas, and evening parties. The appeal of lace lies in its versatility, as it can create both a romantic, vintage look or a more modern, chic aesthetic depending on the design.
Lace is a fabric made from threads of cotton, silk, or synthetic fibers, and it is characterized by its open weave and decorative patterns. Whether featuring floral designs, geometric motifs, or subtle scalloped edges, lace gowns can effortlessly transform a woman’s appearance, making her feel both graceful and powerful. Lace is often used as a layer over other materials such as satin, silk, or chiffon, adding dimension and texture to the dress while still allowing the underlay to shine through.
The allure of a lace gown is also found in its ability to flatter various body types. From A-line silhouettes to form-fitting sheaths, lace can be tailored to suit individual preferences. Many designs incorporate sheer panels, off-the-shoulder sleeves, or backless cuts to offer a hint of sensuality, while still maintaining an air of class. These gowns are popular not only for their visual appeal but for the way they enhance the wearer’s confidence.
Lace gowns are available in a wide range of colors, with white and ivory being popular choices for weddings, while darker shades like navy, black, and burgundy are often selected for evening wear. Additionally, lace gowns can be accessorized with statement jewelry or minimalistic details, allowing for a personal touch.
In conclusion, lace gowns remain a coveted choice for women who want to blend tradition with modernity. Their beauty, versatility, and flattering fit ensure they will continue to captivate for years to come. Whether for a special occasion or a glamorous night out, a lace gown is an enduring symbol of grace and refinement.
The Minority in Parliament has strongly criticised the National Democratic Congress (NDC) government’s 2025 budget, particularly the job creation promises, which they have labelled as “sakawa jobs,” implying that these positions are unrealistic or fraudulent.
Speaking to the media after Finance Minister Dr Cassiel Ato Forson delivered the budget on Tuesday, 11th March, the minority expressed their dissatisfaction with several aspects of the budget.
They were especially concerned about the government’s promises of job creation.
The minority also took issue with what they saw as contradictory statements from the Finance Minister. While Dr Forson was appealing to investors to come to Ghana, he simultaneously acknowledged that the country’s economy is in a poor state.
The minority argued that such mixed messages could deter potential investors, with one member questioning, “Is he driving away investment? This is not the way to govern a country.”
Another key point of contention was the government’s ambitious US$10 billion “Big Push” initiative. Despite frequent references to the US$10 billion target, only US$800 million has been allocated in the budget for the project.
The minority expressed doubts about the feasibility of the initiative, asking, “How can they claim to spend US$10 billion when only US$800 million has been allocated?”.
They further pointed out that even if the government spends US$1 billion per year, they would not reach the US$10 billion target by the end of their term.
The Minority stressed that the jobs being promised to Ghanaians are unrealistic, emphasising, “The jobs they are promising Ghanaians, they are sakawa jobs.”
They also accused the government of failing to deliver on its promises, particularly in relation to the “Big Push.” “They are already failing in their promise, so far as the Big Push is concerned,” they asserted.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
The chiefs and people of Kwahu in the Eastern Region on Saturday outdoored their paramount chief, Daasebre Akuamoah Boateng III.
The outdooring celebration held at the Abene Palace at Nkwatia also brought together delegations and representatives of various bodies, including religious groups, businessmen, friends and family members of Daasebre Akuamoah Boateng III.
The many participants who did not only visit to catch a glimpse of the colourful event also presented various gifts, including cash, to honour the Okwahumanhene.
Among the chiefs present included Okyeamfo Asiedu Agyemang III, Abetifihene and Adontenhene of Kwahu, Nana Adwoa Gyamfua III, Kwahuhemaa, Nana Asantewaa Krobea II, Kwahu Beseasehemaa, Nana Bonsu Ayirepe Ababio, Kwahu Kyedomhene and Chief of Pepease and Nana Owusu Kyere III, Kwahu Beseasehene.
Others were Nana Tenkorang Adarkwa III, Kwahu Prasohene, Nana Effah Opinamang III, Bomenghene, Nana Ama Awuah II, Abetifihemaa and Kwahu Adontenhemaa, Nana Afriyie Ofosua Kubour, Obohemaa and many other dignitaries, including a delegation from the office of former President John Agyekum Kufuor led by Osaberima Ansah Sasraku, Chief of Mamfe and Kyedomhene for Akuapem.
Daasebre Akuamoah Boateng III, who was installed as the Paramount Chief of Kwahu in January 2025, was known in private life as Baffour Akoto Osei and a royal from the Etena Clan of Nkwatia. He is a Chartered Civil Engineer and Real Estate Developer who worked extensively in the shipping industry.
He is a product of St. Peters Senior High School and Kwame Nkrumah University of Science and Technology (KNUST).
The chiefs who were adorned in their traditional regalia and linguists took turns in a procession to honour Daasebre Akuamoah Boateng III for successfully going through all the prescribed rites.
Apart from the various solidarity messages that were shared by the chiefs and queen mothers, various groups also displayed the unique culture of Okwahuman through songs and appellations to demonstrate the authority of the paramount chief.
Daasebre Akuamoah Boateng III, who thanked the kingmakers for a successful installation and outdooring, also pledged to support the Kwahu Traditional Area, particularly in the areas of agriculture, to help increase food production.
Daasebre Akuamoah Boateng III stated that, to achieve the vision, he has with the support of the stakeholders of Kwahu acquired 120 acres of land to begin commercial farming while he continues to engage some Members of Parliament (MPs) in the area to support them with farm machinery.
According to him, all the initiatives among others are geared towards creating employment for the youth as well as improving the lives of residents.
He also pledged to make education a priority under his reign as Omanhene through the provision of the needed assistance to students.
He further appealed to stakeholders both in Ghana and abroad to support Okwahu United Sporting Club, currently in the Division One League, to return to the Premier League.
Daasebre Akuamoah Boateng III, whose birthday coincided with his first public appearance when he was installed as the Kwahumanhene, also held a fundraising and dinner event to support Okwahu United Sporting Club.
Nollywood actor, Ganiyu Kehinde Morufu, popularly known as Ijoba Lande, has claimed that he has eight videos of other men sleeping with his estranged wife, Dara, aside his colleague, Baba Tee, who recently admitted sleeping with her.
The movie star made the claim during an interview with media personality, Daddy Freeze, via livestream.
Public Relations Officer Of The Chinese Fujian Fishing Company, Daniel Benin Addressing Journalists During The Visit
Chinese Fujian Fishing (Gh) Limited, a leading fish farming company in Ghana, is facing a crisis that threatens its survival and the livelihoods of hundreds of employees.
The company, known for its large-scale tilapia farming operations in the Shai Osudoku District of Accra, has been grappling with persistent theft, vandalism, and security threats, leading to substantial financial losses.
The government of Ghana has allocated the cedi equivalent of US$279 million as a revolving fund for the Ghana Gold Board (GOLDBOD) to enable the purchase and export of at least 3 tonnes of gold per week from small-scale miners.
Finance Minister, Dr Cassiel Ato Forson made this announcement during his presentation of the 2025 Budget Statement on Tuesday, March 11, highlighting allocations to key policy initiatives and interventions in Accra.
Dr Forson also revealed that the government has set aside GH¢13.85 billion for the Big Push Programme, a flagship policy designed to drive development by focusing on critical sectors such as agriculture, infrastructure, and industrialization.
“In 2025, Government will continue to implement reforms and increase budgetary allocations to enhance the implementation of the four targeted social protection programmes, namely NHIS, the LEAP Programme, the School Feeding Programme, and the Capitation Grant,” he said.
The Ghnana Gold Board is a state-owned institution established to regulate and promote the development of the gold industry in Ghana. Its primary mission is to oversee the gold sector, ensuring that the industry operates in an orderly and sustainable manner while contributing to the country’s economic growth.
It also plays a central role in regulating the gold mining industry in Ghana, fostering economic growth, and ensuring that the country’s gold resources are utilized efficiently and responsibly.
On the other hand, the Big Push Programme seeks to attract investments, create jobs, and improve the living standards of citizens by addressing challenges in various sectors of the economy.
The Bank of Ghana is asking for GH¢53 billion bailout to address the central bank’s negative equity position.
Presenting the 2025 Budget this morning in Parliament, the Minister of Finance, Dr Cassel Ato Forson said there are mounting and accumulated arrears/payables, including the central bank’s negative equity position.
“Mr. Speaker, the Bank of Ghana is also asking for a bailout of about GH¢53 billion to address their negative equity position. Mr. Speaker, as part of measures to address these mounting accumulated arrears/payables, we have commissioned an audit of these arrears/payables and guarantee value for money before payment,” he said.
When the Bank of Ghana released its full-year 2022 audited financial statements on July 28, 2023, the financial statements reported a total loss of GH¢60 billion. The Bank explained that GH¢53.1 billion of those losses were a direct result of the government’s domestic debt restructuring exercise.
In 2023, the Bank reported a loss of GH¢10.5 billion which it said was in line with experiences of some central banks globally as a result of the cost incurred in delivering on their primary mandate of price stability.
The Bank cited other reasons for the loss, such as interest rates being at high levels, the cost of conducting open market operations which surged in 2023, and contributed to high interest expense.
It noted also that impairments on newly issued Government of Ghana Bonds, per International Financial Reporting Standards, added to the loss position reported in the year.
The Bank further stated that on the income side, the improvement in interest income and earnings derived from the Bank’s foreign investments could not keep pace with total expenditures.
According to the Minister, in addition to the GH¢67.5 billion in arrears/payables, the validation process also revealed that MDAs have committed government through contract awards in excess of GH¢194 billion, about 16.5% of GDP as at end-2024, with the road sector alone accounting for over GH¢100 billion.
“Mr. Speaker, most of these contracts were awarded without commencement certificates and authorization, and without budgetary provision, a blatant violation of the Public Financial Management Act, 2016 (Act 921),” he added.
Dr Forson said apart from the huge arrears and commitments, the country’s fiscal situation is further complicated by huge bullet debt service and constrained financing options.
“Currently, the government’s options to financing the budget is limited to only the treasury bill market following the debt restructuring programme,” he said.
Accra, Mar. 11, GNA – The New Patriotic Party (NPP) Minority Caucus in Parliament, has described the 2025 Budget and Economic Policy Statement as an “Azaa Budget” (meaning a scam) without offering any hope and inspiration for the Ghanaian youth.
Mr Alexander Afenyo- Markin, the Minority Leader, while commenting on the Budget presented by the Minister of Finance, Dr Cassiel Ato Forson, on Tuesday, said the Budget was full of lamentations, like the President’s State of the Nation Address.
He wondered how a major policy like the 24-hour economy policy, which featured prominently in the electioneering in 2024 was missing in this year’s budget.
The Minority Leader noted that the youth were waiting anxiously to hear how the 24-hour economy policy would bring economic transformation and create jobs, however, they were disappointed to hear that the details of the policy were not ready.
“The budget has no hope or inspiration, but only repetition of social intervention programmes,” Mr Afenyo-Markin stated.
The Minority Leader also wondered how the Government complained bitterly about the state of the economy inherited from the New Patriotic Party Government, describing it as “criminally managed and in crisis” could grow at 5.7 per cent in 2024 as statistics released by the Ghana Statistical Service had revealed.
“The economy in 2024 grew by 5.7 per cent GDP with four months import cover. Under Mahama’s reset, it is projecting four per cent growth and three months import cover,” he noted.
The presentation of the budget comes on the heels of an economic dialogue, organised by the Government last week, which brought together the finest brains and key stakeholders to brainstorm on the current economic challenges.
It is expected that the Budget would spur macro-economic stability, restore good governance, structural policy reforms, infrastructure development, and enhance productivity and economic growth.
In a significant move aimed at easing the financial burden on households and businesses, the government has announced plans to present the necessary instruments for the abolishment of several taxes in the 2025 budget.
Finance Minister Dr Cassiel Ato Forson outlined the tax cuts during his budget presentation in Parliament, emphasising the positive impact these measures will have on disposable incomes and business growth.
“Mr. Speaker, we will abolish the 10% withholding tax on winnings from lottery, otherwise known as the ‘Betting Tax’; we will abolish the Electronic Transfer Levy (E-Levy) of 1%; we will abolish the Emission Levy on industries and vehicles; we will abolish the VAT on motor vehicle insurance policy; and we will abolish the 1.5% withholding tax on winning of unprocessed gold by small-scale miners,” Dr. Forson announced.
He further explained that the removal of these taxes is intended to ease the burden on households and improve their disposable incomes.
“Mr. Speaker, the removal of these taxes will ease the burden on households and improve their disposable incomes. In addition, it will support business growth and improve tax compliance,” he stated.
Read also…
‘Destiny has guided my path’ – Ato Forson reflects on journey in parliament
Ghanaian actor, Kwaku Manu has been heavily praised by social media users after welcoming bipolar comic actor, Funny Face, into his home.
Kwaku Manu has revealed that he’s currently living with Funny Face as he makes his way back to full health following his latest battle with mental health challenges.
In a video, Manu explained that he went to church with Funny Face, real name Benson Nana Yaw Oduro Boateng, on December 31, 2024, for the watchnight service and they returned to his place. Since then, Funny Face has been living with him.
In recent years, Funny Face has had many public meltdowns, usually due to his bipolar disorder. Whenever the comic actor has an issue with his baby mama, Vanessa, he goes on a rampage, insulting and attacking everyone, including those who can help him. During one meltdown, he hit innocent bystanders with his car in Kasoa, injuring several. Due to his condition, Funny Face has spent time both in jail and in psychiatric treatment.
In recent months, however, he has been doing much better, and Kwaku Manu has been a major factor behind that. News that he is now housing Funny Face as well led social media users to heap praises on him.
“Most of us, our family members can’t even accommodate us for a week. Kwaku God bless you wai,” one user wrote in reaction to his move.
Adzido (VR,) Mar 11, GNA-The Ghana Triathlon Federation in collaboration with Oly Sports consult, has announced plans to organise an Easter Triathlon competition at Adzido in the Keta Municipality of the Volta region.
According to the federation, the event is scheduled to take place on Thursday, April 17 and would feature a 1,000-meter swim, a 12-kilometer run, and a 16-kilometer ride.
Mr Felix Afedo, the Volta Regional Representative of the Ghana Triathlon Federation, in an interview with the Ghana News Agency Sports, expected an exciting event that would bring together triathletes from across the country.
“Triathlon competition is an endurance multi-sports race that consists of three consecutive disciplines such as swimming, cycling and running and the sports requires athletes to have a strong ability to transition quickly between the events,” he said.
He said that the triathletes would have to be in compete for the fastest overall completion time with the time spent transitioning between disciplines included in their total time while the sports required a high level of physical fitness as well as mental toughness and strategic planning.
He said the competition will provide a platform for various sports men who would form one group of three athletes each to participate in the competition to test their endurance and skills in the three disciplines of swimming, cycling, and running.
“This even organisation will be in collaboration Oly Sports Consult, and we expect this Easter event that will take commence at Adzido secret line junction be be full of fun and enjoyable experience which will also provide a sense of adventure and excitement.”
Mr Afedo, who is the founder of Oly Sports Consult firm in the Volta region, told GNA sports that Ghana Triathlon Federation has been working tirelessly to promote the sport in the country and provide opportunities for athletes to compete at the national and international levels.
He said Easter triathlon competition is expected to attract many participants, including seasoned triathletes and newcomers to the sport and provide an opportunity for spectators to witness the excitement of triathlon competition and cheer on their favorite athletes.
Mr Afedo urged triathlete’s enthusiasts across the country to register and participate in the upcoming event and urged the public to support the event which promised to be an exciting and memorable experience.
The Ghana Triathlon Federation has called on corporate bodies, individuals, and philanthropists to support the event, which promises to be one of the biggest triathlon competitions in the country this year.
The Easter triathlon competition at Adzido will be characterised with a health walk and other sporting activities with some top former Black Stars players expected to participate and witness the event this year.
play videoEwurabena Aubynn is the 2024 NDC Parliamentary Candidate for Ablekuma North
The 2024 National Democratic Congress (NDC) Parliamentary Candidate for Ablekuma North, Ewurabena Aubynn, has voiced her frustration and disappointment with the Electoral Commission due to their lack of engagements with her team.
Speaking exclusively with GhanaWeb on Tuesday, March 11, 2025, ahead of the 2025 Budget presentation in Parliament, the politician accused the Electoral Commission of holding consultations and meetings with her opponent’s camp without informing her or her team.
She expressed her frustrations over the electoral management body’s failure to consult with her team on several occasions regarding pending issues.
She further highlighted a similar situation during the re-collation process of results in her constituency, where they had no prior knowledge about its resumption.
“They’ve been quiet. We do pick information here and there that they engage mostly with the NPP and we do get wind of it, but when it comes to the NDC side, they are quiet. And that has been our complaint. Even when the re-collation was going on, we never get informed,” she disclosed to GhanaWeb.
Aubynn criticised the Electoral Commission for what she described as the institution’s failure to remain neutral.
She questioned why the EC, as an independent and neutral body, would take actions that create the impression of favoring one party over another when the issue involves two parties.
“You know, we either chance on them or we get wind of it. And then before you realise, they are re-collating with the NPP and this has been a worry because why are you, as a referee or supposedly an independent body, trying to play to the gallery of one part of two contesting parties or individuals,” she questioned.
Providing an update on the progress of their lawsuit challenging the Ablekuma North parliamentary results, Aubynn stated that the case is still in court.
She reaffirmed her faith in the judicial system, expressing confidence that the will of the constituents will ultimately prevail.
Currently, the Ablekuma North constituency has no representation in Parliament due to the electoral results being disputed.
Watch the video below:
MAG/AE
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Acting Chief Executive of the Ghana Investment Promotion Centre (GIPC), Simon Madjie, highlighted the benefits of this flagship policy, emphasising its potential to boost economic growth and business productivity.
Madjie emphasised its potential to drive economic growth and create employment opportunities.
According to Madjie, businesses that embrace the initiative will enjoy various incentives, including reduced operational costs and access to more affordable electricity.
He encouraged enterprises to extend their working hours to maximise productivity and remain competitive in the evolving business landscape.
In an article titled Ghana is Open for Business, the Acting CEO wrote, “The 24-hour economy strategy proposed by H.E. John Dramani Mahama is a deliberate policy intervention aimed at encouraging businesses and companies in Ghana to operate 24 hours a day, seven days a week.”
He added that the initiative is designed to create sustainable jobs, enhance productivity, and improve the competitiveness of local businesses in both domestic and international markets.
“It is anchored on the broader vision of transforming Ghana into an import-substitution and export-led economy, with a focus on modernising agriculture, promoting agro-processing, and supporting the private sector,” he stated.
The policy focuses on key industries such as:agro-processing, pharmaceuticals, manufacturing, construction, digital startups, financial services,selected public institutions, including ports, customs, and the passport office
These sectors are expected to benefit from government incentives and infrastructure improvements that support round-the-clock operations.
Key Benefits for Investors
The 24-hour economy initiative presents significant advantages for both local and foreign investors.
“Participating businesses will enjoy tax incentives to reduce operational costs, along with access to cheaper and more reliable electricity through a Time-of-Use (TOU) tariff system, which offers reduced rates during off-peak hours,” Madjie explained.
He further noted that the government would provide financial support to strategic agro-processing and manufacturing firms to enhance production capacity, facilitate import substitution, and expand export potential.
“Additionally, the policy prioritises security improvements and infrastructure development in commercial districts to create a safe and conducive environment for round-the-clock business operations,” he added.
Legislative Amendments to Support the Initiative
Madjie also revealed that the GIPC Act, 2012 (Act 865), would be amended to introduce new strategic incentives aimed at attracting and supporting investors interested in taking advantage of opportunities under the 24-hour economy framework.
As Ghana moves towards implementing this ambitious policy, business leaders and investors are encouraged to explore ways to leverage the initiative for long-term economic benefits.
Renowned Ghanaian gospel songstress Frimpomaa is set to bless the airwaves and digital platforms with her latest soul-stirring single, “Medawase.” Scheduled for release on March 19, 2025, the song promises to be a heartfelt expression of gratitude, faith, and worship.
As one of Ghana’s most celebrated gospel voices, Frimpomaa has built a reputation for delivering deeply inspiring music that connects people to their spirituality.
“Medawase”—which means “Thank You” in Twi—embodies the essence of thanksgiving, serving as a moving testimony of God’s unwavering faithfulness. With its uplifting melody, powerful lyrics, and Frimpomaa’s signature vocal strength, the song is expected to resonate with listeners across different walks of life.
Speaking about the inspiration behind the song, Frimpomaa shared that “Medawase” is more than just music; it is a spiritual offering that encourages believers to reflect on their blessings and give thanks to God.
“This song was birthed from a place of deep appreciation for God’s goodness. No matter our struggles, there is always something to be grateful for. I pray that ‘Medawase’ becomes an anthem of thanksgiving for everyone who listens,” she said.
Fans can look forward to a soul-lifting musical masterpiece that combines rich instrumentals with a dynamic vocal delivery. The song blends contemporary gospel elements with traditional African sounds, making it both vibrant and deeply reflective.
In addition to the audio release, Frimpomaa and her team have hinted at an accompanying music video, which is expected to visually capture the song’s profound message of praise and gratitude.
The Minister of Finance, Dr. Cassiel Ato Forson, at the presentation of the 2025 Budget and Economic Policy statement, gave an update on the debts the country has to pay within the next four years due to the debt restructuring exercise the Nana Addo Dankwa Akufo-Addo-led government embarked on.
According to Dr. Ato Forson, due to the Domestic Debt Exchange Programme (DDEP) undertaken by the Akufo-Addo government, the John Dramani Mahama administration has to pay over GH¢150 billion from 2027 to 2028.
“Mr. Speaker, the Domestic Debt Exchange Programme has resulted in huge domestic debt service payments. Over the next four years, the country is expected to pay about GH¢150.3 billion, representing 11.6% of GDP in domestic debt service obligation alone, of which 73.3% is due in 2027 (GH¢57.6 billion) and 2028 (GH¢52.5 billion).
“The debt service obligations of 2027 and 2028 are major humps. These humps are cancerous and pose a significant risk to the economy, but we shall fix it! Our debt service obligation for this financial year is equally burdensome, with significant humps in February (GH¢9.9 billion), July (GH¢6.2 billion) and August (GH¢10.1 billion),” the minister said.
Dr. Ato Forson also disclosed that the government has to pay over $8.7 billion in external debt due to the Akufo-Addo administration’s restructuring of the country’s external debts.
“Mr. Speaker, beyond domestic maturities, Ghana faces significant external debt service obligations over the next four years totalling US$8.7 billion, representing 10.9% of GDP, with heavy concentration in 2027 and 2028.
“Again, 55% of the total external debt service of US$8.7 billion is due to be serviced in 2027 (US$2.5 billion) and 2028 (US$2.4 billion),” he said.
He said that the action of the Akufo-Addo government has made 2027 and 2028 very debt-heavy years for the country.
He promised Ghanaians that despite the huge task ahead, the Mahama government would rise to the occasion and transform Ghana’s economy.
About the DDEP and the external debt restructuring:
Ken Ofori-Atta, when he was Minister of Finance, on Sunday, December 4, 2022, announced a number of measures under the government’s Domestic Debt Exchange (DDE) programme.
This announcement was in line with the government’s debt sustainability analysis, as contained in the 2023 budget he presented to Parliament on November 24, and it gave entities up to December 30, 2022, to indicate their participation in the programme.
The minister laid out, among other things, the exchange of existing domestic bonds with four new ones, as well as their maturity dates and terms of coupon payments.
Under this initial offer, for bondholders with bonds maturing in 2023, the government promised four new bonds that were expected to mature in 2027, 2029, 2032, and 2037, and 0% interest in 2023, 5% interest in 2024, and 10% interest in 2025, which will continue till the maturity of your bond.
After the restructuring of the domestic debt, Ofori-Atta also moved to do the same for the country’s external debts.
BAI/SEA
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The ongoing criminal trial involving the domestic workers of former Minister of Sanitation Cecilia Abena Dapaah and her husband has made significant progress as the former government official appeared at the Accra High Court to take the witness stand and testify.
Cecilia Dapaah appeared in court on Tuesday, March 11, 2025, as the third prosecution witness, marking her first appearance since the trial began.
She gave her testimony, recounting how her domestic workers stole properties from her residence, myjoyonline.com reports.
The politician disclosed that her jewellery worth $53,000 was stolen by the accused individuals, in addition to the cash they took.
She also said the accused persons stole €300,000.00, $410,000.00 and GH¢350,000.00 from her storage room over a period of time.
She further explained that the stolen valuable items had been accumulated over three decades, including personal belongings that were deeply treasured over the years.
In a video sighted by GhanaWeb, the politician was in court with her husband, Daniel Osei Kuffuor.
Background
Two domestic workers of the former minister, Patience Botwe and Sarah Agyei, were dragged to court in 2023 for allegedly stealing $1 million, 300,000 euros, several millions of cedis and personal effects of the former minister and her husband, valued at thousands of Ghana cedis and dollars.
The two accused allegedly committed the crime between July and October 2022.
Other accused persons are Jonathan Sowah, 29, a plumber; Malik Dauda, 34, unemployed; Christiana Achab, a trader; Job Pomary, a mechanic; and Yahaya Sumaila, an excavator operator.
The complainants reported the theft to the police in June 2023 after discovering the missing cash and personal effects. This came after Patience Botwe was caught red-handed entering the couple’s room with a duplicate key, leading to her arrest.
Following the public revelation of the incident, Cecilia Dapaah resigned from her position as Minister of Sanitation and Water Resources due to intense backlash.
MAG/AE
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play videoMinister of Finance, Dr. Cassiel Ato Forson
Minister of Finance, Dr. Cassiel Ato Forson, has announced that the government will remove the betting tax to ensure that individuals receive their full winnings.
This decision aligns with President John Dramani Mahama’s promise to remove the betting tax and other ‘nuisance’ taxes during the 2024 elections campaign.
Ato Forson’s announcement during the 2025 budget presentation in parliament implies that the 10% VAT on bet winnings will no longer be in effect after parliamentary approval, as it has been a significant concern for some individuals.
“We will abolish the 10% withholding tax on betting,” Dr. Ato Forson said during the budget reading in Parliament on March 11, 2025.
The 10% withholding tax on betting was imposed by the past Akufo-Addo-led government in an attempt to curb the rate of gambling and generate more revenue for the country.
The move has since been met with massive criticisms by Ghanaian ‘bettors’, who felt the government has been insensitive to their plight.
Meanwhile watch as Ghanaians debate the appointment of Jordan Ayew as Black Stars captain below
Nigerian musician, Korede Bello has shared a profound introspective message to address concerns by fans about his relative lack of public visibility.
In an Instagram post on Sunday, March 9 and accompanied by Carlos Cipa’s instrumental piece The Place Where They Go, Korede Bello revealed the importance of inner serenity and his path of self-discovery amidst fame.
The acting CEO of the Precious Minerals Marketing Company, Sammy Gyamfi, has reiterated President John Dramani Mahama’s resolve to avoid imposing harsh tax measures on the public.
Ahead of the 2025 budget presentation by Finance Minister Cassiel Ato Forson, Gyamfi characterized the upcoming fiscal plan as one that offers relief rather than additional financial strain.
He emphasized that the budget would prioritize employment opportunities for all citizens, irrespective of their political leanings, underscoring
In an unexpected twist on the floor of Ghana’s Parliament, the fashion world was graced with a lesson in style that has captured the attention of fashion enthusiasts and casual observers alike. Afenyo-Markin, the Member of Parliament for Effutu, has long been recognized not only for his political acumen but also for his impeccable sense of style. In a viral video that has taken social media by storm, he was seen giving a fashion tutorial to his colleague, Ho West MP, Emmanuel Kwesi Bedzrah, demonstrating that the world of politics can indeed intersect with the world of high fashion.
The video shows Afenyo-Markin passionately discussing the importance of dressing well, especially in an environment as influential as Parliament. He emphasizes that clothing is not merely a fabric covering the body but a statement of professionalism and self-respect. “This shirt is unique, properly dressed. A gentleman’s shirt, worn by a gentleman,” he remarked, as he meticulously pointed out key elements of an elegant ensemble.
The phrase “a gentleman’s shirt” resonated deeply, igniting conversations around the intricacies of men’s fashion. Afenyo-Markin’s crisp white shirt adorned with subtle pattern accents was a perfect example of how simplicity can exude sophistication. He highlighted how men can elevate their wardrobe by integrating unique designs while adhering to a formal aesthetic that is befitting of their professional roles. His appearance on the parliamentary floor in such stylish attire is a testament to his belief that lawmakers should represent not only the interests of their constituents but also an image that reflects their seriousness and commitment.
This encounter sparked a flurry of social media activity, with netizens praising Afenyo-Markin for promoting fashionable yet suitable clothing among men in politics. Users echoed sentiments of admiration, with one comment stating, “Afenyo-Markin is setting trends in Parliament and proving that you can look good while making serious political statements.” Others contributed to the conversation by sharing their own insights on men’s fashion, underscoring the evolving narrative that even those in the highest echelons of power can express themselves through personal style.
However, this discussion transcends mere aesthetics; it’s about challenging stereotypes and redefining the framework of professionalism. In a world where the political sphere has sometimes been criticized for its outdated norms, Afenyo-Markin’s fashion-forward stance embodies a breath of fresh air. He encourages young men.
The Member of Parliament for Bawku Central, Mahama Ayariga, has lauded the just-ended government’s budget presented by the the Finance Minister, Dr Cassiel Ato Forson for its swift implementation of campaign promises and its focus on economic growth and social reforms.
Speaking on the floor Parliament on Tuesday, March 11, Mr Ayariga praised the budget, emphasising that it reflects a government and political party committed to fulfilling its pledges.
“This clearly is a budget of a government and a party that keeps its promises,” he said, highlighting the fact that nearly every promise made by former President John Dramani Mahama is being fulfilled in the first 120 days.
Mr Ayariga further described the budget as one designed to benefit ordinary Ghanaians, saying, “This budget is a budget for ‘Makola’ [Market] women, this budget is a budget for assembly members, this budget is a budget for girls.”
He argued that the budget’s focus on practical reforms would have a direct positive impact on key segments of society, especially those who are often overlooked in traditional economic strategies.
“This is a budget that delivered solid reforms,” Mr Ayariga continued. “This is a budget that is moving our growth from galamsey growth to real growth.”
The Bawku Central MP also expressed optimism about the budget’s potential to bring stability to the economy, create jobs, and provide hope for Ghanaians.
“This is a budget that gives hope to Ghanaians. This is a budget that will stabilise the economy. This is a budget that will create jobs for the youth of this country,” Mr Ayariga affirmed.
Read Also: 2025 Budget: Full Statement to Parliament delivered by Finance Minister Cassiel Ato Forson
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Finance Minister Dr Cassiel Ato Forson has reaffirmed the government’s commitment to the 24-Hour Economy Policy as part of the 2025 budget presentation.
The policy aims to transform Ghana’s economy by promoting round-the-clock economic activities, thereby boosting productivity and economic growth.
Presenting the 2025 Budget Statement and Economic Policy of the government in Parliament on Tuesday, March 11, Ato Forson, highlighted the importance of the 24-Hour Economy Policy in addressing the country’s economic challenges.
“We remain committed to the pursuit of the 24-Hour Economy Policy,” he stated, emphasising that the policy is crucial for enhancing our economic resilience and ensuring sustainable growth,” he stated.
Dr Forson further noted that the government will present the policy to Parliament in due course.
Read also
Prof. Bokpin: Mahama must cut wasteful spending at Jubilee House
Nollywood actress Omoni Oboli displayed a proud mother moment as she celebrated her son, Tobe, and his wife, Marelle on their first wedding anniversary.
Tobe who is Omoni’s first son tied the knot with his wife in the presence of their family and friends in an intimate wedding ceremony abroad.
The government has allocated GH¢13.85 billion for infrastructure development in the 2025 budget, with funds directed towards roads, hospitals, schools, and housing projects.
Presenting the budget to Parliament on March 11, 2025, Finance Minister Dr Cassiel Ato Forson said the government is prioritising stalled projects left unfinished by the previous administration to prevent waste and ensure taxpayers’ money is put to good use.
“This government is determined to complete projects that have been abandoned due to financial constraints. We must avoid waste and ensure value for money,” Dr Forson stated.
A large portion of the funds will be invested in the road sector, particularly in urban road expansion and major highways that facilitate trade.
According to Dr Forson, major projects such as the Accra-Kumasi Highway expansion and key interchanges in Accra and Kumasi will be fast-tracked.
The government also intends to resume construction on uncompleted hospitals, including the La General Hospital and the Shama District Hospital, which were stalled due to lack of funding.
In the education sector, funds will be used to construct new senior high schools and expand existing ones to accommodate the rising student population.
Dr Forson assured Ghanaians that project costs will be closely monitored to prevent inflated contracts and financial mismanagement.
“Infrastructure is central to economic growth, but we must ensure that every cedi spent results in real development that benefits Ghanaians,” he said.
The government has announced plans to scrap GH¢7 billion in tax exemptions as part of efforts to increase domestic revenue and strengthen fiscal stability. The move is expected to affect various sectors, including import duties, corporate tax breaks, and special waivers granted to businesses.
Presenting the 2025 Budget Statement and Economic Policy to Parliament on March 11, 2025, Finance Minister Dr Cassiel Ato Forson stated that the widespread use of tax exemptions had significantly reduced government revenue, making it necessary to review and eliminate non-essential waivers.
“The government has decided to rationalise tax exemptions, which currently amount to billions of cedis in lost revenue,” Dr Forson told lawmakers. “We are taking decisive steps to remove exemptions that do not provide clear economic benefits.”
He explained that the GH¢7 billion to be recovered will be redirected to fund critical infrastructure projects, education, and healthcare.
He also indicated that the government will tighten tax compliance and broaden the tax net to ensure businesses and individuals contribute fairly to national development.
Dr Forson assured Parliament that the exemption cuts will be implemented gradually, giving affected businesses and organisations time to adjust.
“We are mindful of the impact these adjustments may have on the private sector, so the review process will be transparent and consultative,” he said.
He further noted that legislation would be introduced to regulate future tax exemptions, ensuring that they are granted based on clear economic benefits rather than discretionary policies.
The West African country’s central bank has collaborated with a national financial regulator in publishing a guide to best practice in the foreign exchange bureau sector to combat money-laundering, while also stipulating the authorities’ important role in reducing financial crime.
Ghana has published anti-money laundering (AML) guidelines for the foreign exchange (forex) bureau sector.
Prepared by the Bank of Ghana and the country’s suspicious transactions regulator the Financial Intelligence Centre, the ‘Anti-money Laundering/Combating the Financing of Terrorism & the Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guidelines’ were released on 28 February and are effective immediately.
The document states that money laundering poses “major threats to international peace and security which could seriously undermine Ghana’s development and financial stability”.
“Foreign exchange bureaux, in particular, have come under sustained regulatory scrutiny to improve their monitoring and surveillance systems with a view to detecting, preventing and mitigating [risk]”, it says, adding that the sector is exposed to “serious financial and reputational damages if [sector players] fail to manage these risks adequately”.
The guidelines are applicable to all forex bureaux operating under a Bank of Ghana licence and adopt a risk-based approach, emphasising three main aspects of a successful AML/CFT&P framework: defining the competent authorities’ obligations and scope of mutual collaboration, specifying the elements of an effective AML scheme, and detailing an appropriate know-your-customer (KYC) or due diligence process.
The document details the Bank of Ghana’s remit in working with other supervisory entities, the setting up of internal controls and encouraging a culture of compliance, and strong identity checks for customers making forex transactions, in addition to careful staff training, the keeping of detailed transactional records and reporting of suspicious activity, with penalties for non-compliance.
The publication sums up: “It is […] in the best interest of the foreign exchange bureaux to entrench a culture of compliance which would be facilitated by these guidelines.”
Elsewhere in Africa, Angola’s central bank tightened its reporting requirements in January, to promote stability in the country’s financial system.
The government has announced plans to increase the Growth and Sustainability Levy on mining companies from 1% to 3%, a move aimed at ensuring Ghana reaps greater benefits from its extractive sector.
Presenting the budget to Parliament, the Finance Minister, Cassiel Ato Forson lamented that Ghana has failed to fully capitalize on its vast natural resource wealth to drive economic development.
He noted that while natural resource rent—the difference between a commodity’s revenue and its production cost—accounts for about 14% of GDP, revenue from the extractive industry contributes only 1.5% of GDP.
“Despite the global surge in gold prices, Ghana has not been able to take full advantage of this development. We have failed to fully capture the economic rent of our natural resources,” the Minister stated.
To address this gap, the government is proposing the increase in the Growth & Sustainability Levy on gross mining production. The new rate, set at 3%, is intended to ensure that the nation gets its fair share of the windfall from rising gold prices.
The proposal is expected to generate significant revenue to support development, infrastructure, and economic diversification.
With Ghana’s economy under pressure, the move signals a shift towards maximizing returns from natural resources to fuel sustainable growth.
Parliament is expected to deliberate on the proposal in the coming weeks.
Read also….
2025 Budget: We’ll cut govt spending to reduce debt – Ato Forson
Accra, March 9, GNA – Mr. Haruna Iddrisu, Minister for Education, has urged the government of Indonesia to consider establishing an Islamic Medical University in northern Ghana.
He said such a facility would help bridge the developmental gap between northern and southern Ghana.
It would also strengthen bilateral and educational ties between both countries.
Mr. Iddrisu made the call during a courtesy visit by Mr. Paskal A.B. Rois, Honorary Consul of Indonesia to Ghana, at his office in Accra.
The Minister, also the member of Parliament for Tamale South, proposed that the Islamic Medical School, focusing on sciences, be discussed at the appropriate levels for swift implementation.
He noted it would solidify ties between the Muslim community in northern Ghana and their counterparts in Indonesia.
Mr. Iddrisu praised the long-standing relations between Ghana and Indonesia.
He recalled the leadership of Ghana’s first President, Dr. Kwame Nkrumah, and Indonesia’s first President, Mr. Achmed Sukarno, who built strong ties through the Non-Aligned Movement (NAM).
The Minister emphasized the importance of competencies, skills, and knowledge in science, mathematics, and engineering for the future.
He noted that Ghana still faced a shortage of medical doctors, particularly in rural and underdeveloped areas.
“Adding such a tertiary institution would lead to a paradigm shift in medical education, especially in the northern part of the country,” he said.
Mr. Rois welcomed the suggestion and assured Mr. Iddrisu that he would escalate the matter to the highest levels of the Indonesian government for a positive response.
He briefed Mr. Iddrisu on scholarship opportunities in Indonesia, including the open KNB Scholarship.
The Honorary Consul also noted that over 30 prestigious Indonesian universities were offering scholarships to students from developing countries like Ghana.
Mr. Rois shared that last year, his office engaged with Pro-Vice Chancellors from various Ghanaian universities, including Ghana Technology University (GTU), the University of Education, Winneba (UEW), and the University of Cape Coast (UCC).
He said these engagements had opened new educational relations between Ghanaian and Indonesian universities, with plans to sign a Memorandum of Understanding (MOU) for lecturer and student exchanges.
The Minister of Finance, Dr Cassiel Ato Forson, has said that the Bank of Ghana needs some GH¢53 billion bailout to mitigate its negative equity challenge, following a GH¢60 billion loss recorded in 2023.
According to him, the loss stemmed from the government’s Domestic Debt Exchange Programme (DDEP), which involved the restructuring and extension of maturity dates for bonds worth billions of Ghana cedis.
Delivering the 2025 Budget on the floor of Parliament on Tuesday, March 11, 2025, Ato Forson said that the GH¢53 billion injection is expected to help the Bank of Ghana strengthen its balance sheet and restore confidence in the country’s financial system.
“Mr. Speaker, as part of measures to address these mounting accumulated arrears/payables, we have commissioned an audit of these arrears/payables and guarantee value for money before payment. In addition to the GH¢67.5 billion in arrears/payables, the validation process also revealed that MDAs have committed government through contract awards in excess of GH¢194 billion, about 16.5% of GDP as at end-2024, with the road sector alone accounting for over GH¢100 billion,” he said.
SP/AE
Trending GH: Watch some Ghanaians share their expectations ahead of 2025 budget presentation
Minister of Finance, Dr. Cassiel Ato Forson with his brown bag
Minister of Finance Dr. Cassiel Ato Forson has been at the centre of discussions today, March 11, 2025, and it’s not just about the 2025 budget presentation.
The finance minister was spotted carrying a locally handcrafted leather bag that perfectly complemented his suit while presenting the country’s 2025 budget, the first under the current John Dramani Mahama administration.
In a post shared on X, the finance minister explained the significance of his handcrafted ‘Made-in-Ghana’ bag, which conveyed the country’s budget statement to parliament.
According to him, the bag was designed by celebrated shoemaker, Tonyi Senaya, to honour President Mahama’s “Buy Ghana, Wear Ghana” agenda.
“The rich, handcrafted leather briefcase he carried was no ordinary bag. It was the Horseman Minimalist Handmade Leather Briefcase, a product of Ghanaian excellence designed by renowned shoemaker Tonyi Senaya’s Horseman brand.
“The budget was symbolically carried in a Made-in-Ghana bag, embodying President John Mahama’s ‘Buy Ghana, Wear Ghana’ initiative,” he said.
Ato Forson also indicated that the briefcase is not just made to perform a function but also serves as a symbol of resilience, independence, and national pride.
“Crafted from premium authentic leather, this briefcase isn’t just about functionality. It is about telling a story of resilience, self-reliance, and national pride,” he added.
Read the post below:
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play videoDr Cassiel Ato Forson is the Minister of Finance
During the 2025 budget presentation, Minister of Finance Dr. Cassiel Ato Forson hinted at the government’s plans to abolish several nuisance taxes that were implemented under the previous New Patriotic Party (NPP) government.
According to him, the cancellation of these taxes is intended to ease the burden on households, promote and support the growth of businesses in the country, and improve tax compliance.
Addressing the floor of Parliament on Tuesday, March 11, 2025, Dr. Forson indicated that the government is proposing revenue measures to help achieve the 2025 fiscal targets.
He also highlighted that these measures are aimed at bridging the gaps and offsetting the revenue losses that will arise following the abolishment of these taxes.
Although the minister did not explicitly provide a specific timeline for the cancellation of these taxes, he assured that the promise made during the NDC’s campaign to abolish these taxes would be fulfilled.
Let’s take a look at the taxes that the government plans to abolish:
Electronic Transfer Levy (E-Levy)
The government has announced plans to abolish the 1% levy imposed on electronic transfers.
The charges were applied to mobile money transfers between wallets on the same electronic money issuer, transfers from a wallet on one electronic money issuer to a recipient on another, transfers from bank accounts to mobile money wallets, transfers from mobile money wallets to bank accounts, and bank transfers on an instant pay digital platform or application originating from an individual’s bank account.
Betting tax
The 10% withholding tax on winnings from lottery and betting was also introduced by the former government.
This tax, which is automatically deducted at the point of payout for all betting, games, and lottery wins, faced intense opposition from the general public.
Emission Levy
The Emission Levy taxes carbon emissions from vehicles and certain industries. It was designed to raise revenue to support various sector reforms and promote the green economy.
VAT on motor vehicle insurance policy
A 21% VAT rate on non-life insurance was announced during the 2024 budget by the former government.
The levy aimed at insurance firms will implement a 21% VAT on the supply of non-life products, impacting various insurance categories, including Motor Insurance, Fire, Liability Insurance, Marine Insurance, and compulsory insurance.
Tax on winning of unprocessed gold by small-scale miners
The Minerals and Mining Operations Tax (Mineral Royalty) imposed on the income of individuals or entities engaged in mineral operations saw a tax rate of 5%.
The rate is applied to the total revenue earned from mining operations.
MAG/EB
Also, watch a compilation of today’s news in Twi here:
The local economy faced a significant downturn in 2020 following the impact of the Coronavirus pandemic.
In response to the economic strain caused by the pandemic and the Russia-Ukraine War which followed not long after, the Akufo-Addo-led government introduced the COVID-19 Levy as a burden-sharing measure to support economic recovery from both internal and external shocks.
However, years after the pandemic, Ghanaians continue to pay this levy, with many describing it as a nuisance tax that has outlived its purpose.
The Assistant Commissioner of the Ghana Revenue Authority (GRA), Dominic Naab, explained on May 16, 2024, that the levy was essential for settling the government’s compounding debts incurred during the global pandemic.
He also emphasised that the GRA would continue collecting the COVID-19 Levy as it is enshrined in law.
But speaking on this during the 2025 Budget presentation in Parliament, the Minister of Finance, Dr. Cassiel Ato Forson, announced that the much-debated tax would be removed.
The COVID-19 Health Recovery Levy was initially introduced in Ghana as a special levy to support the country’s expenditures.
Enacted by Parliament as Act 1068 on March 31, 2021, the levy imposes a 1% charge on the supply of goods and services made in Ghana, as well as on imports, excluding exempt goods or services.
The Value Added Tax (VAT) is calculated on the value of the taxable supply, inclusive of the NHIL, GETFund Levy, and the COVID-19 Levy.
The funds collected under this levy are managed by the Ghana Revenue Authority.
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Trending GH: Watch some Ghanaians share their expectations ahead of 2025 budget presentation
Dr Cassiel Ato Forson is the Minister of Finance of Ghana
Minister of Finance Dr Cassiel Ato Forson has disclosed that the government would have generated a whopping amount of GH¢180 million from the betting tax implemented by the opposition government, the New Patriotic Party.
Dr Forson, while reading the 2025 budget on Tuesday, March 11, 2025, revealed that the National Democratic Congress (NDC) would be scrapping the 10 percent withholding tax on bet winnings but disclosed the amount the government could have generated had it not been scrapped.
According to the finance minister, while the revenue generated would have been substantial, abolishing the tax will not significantly impact the economy. Instead, it will relieve citizens of an unnecessary financial burden, as the government’s policies can generate revenue to fill the gap.
“The E-Levy would have accrued GH¢1.9 billion, and the betting tax would have accrued GH¢180 million. The two put together are just above GH¢2 billion. By reducing the tax refund accounts from six to four, it is enough to remove this tax, and the savings would be provided to take care of social interventions,” he said.
The Minister of Finance was presenting the 2025 Budget and Economic Policy of the John Dramani Mahama administration in Parliament.
He presented on behalf of President John Dramani Mahama, under Article 179 of the 1992 Constitution and Section 21 of the Public Financial Management Act, 2016 (Act 921).
Dr Forson also touched on the ‘real’ state of Ghana’s economy and the policy objectives of the Mahama administration to tackle the country’s current economic challenges.
The 10% withholding tax on betting was imposed by the past Akufo-Addo-led government in an attempt to curb the rate of gambling and generate more revenue for the country.
The move has since been met with massive criticisms by Ghanaian ‘bettors’, who felt the government has been insensitive to their plight.
Meanwhile, watch as Ghanaians debate the appointment of Jordan Ayew as Black Stars below:
Also, watch a compilation of today’s news in Twi here:
Al-Shabab controls territory in rural areas of Somalia
Armed Islamists have stormed a hotel in the city of Beledweyne in central Somalia, and a siege is ongoing, police and witnesses have said.
The attack by al-Shabab began with a car bomb exploding, followed by gunmen entering the hotel, leading to intense clashes with security forces.
Police said at least four people had been killed, but witnesses told the BBC the death toll had risen to 10, with the security forces still battling the gunmen at the Qahira Hotel.
Al-Shabab, which is affiliated to al-Qaeda, has been waging a brutal insurgency in Somalia for more than two decades.
The raid on the hotel took place as politicians, security officials and traditional elders were meeting to discuss plans for an offensive against the group in central Somalia.
Beledweyne is about 335km (208 miles) north of the capital, Mogadishu, and is a strategic location in the campaign against al-Shabab.
Police officer Ali Mahad said many of those in attendance had been rescued, the AFP news agency reports
“Security forces are tackling several gunmen who are cornered in one part of the building,” he is quoted as saying.
A federal lawmaker from Beledweyne, Dahir Amin Jesow, told the BBC that nearly seven gunmen were in the hotel.
“It will be necessary to bring in forces with heavy weaponry to neutralise the situation,” he said.
Parts of the hotel had been reduced to rubble as government forces and gunmen exchanged fire, shopkeeper Ali Suleiman, who witnessed the attack, told the Reuters news agency.
“We first heard a huge blast followed by gunfire, then another blast was heard,” he said.
It is unclear how many people have been wounded, but the lawmaker said they were trying to organise for aeroplanes to fly victims to Mogadishu for treatment.
