Accra: Cabinet on Friday approved the Government's 2025 Economic Policy Statement and Budget. This announcement was made by Mr. Felix Kwakye Ofosu, Presidential Spokesman and Minister of State in-charge of Government Communications, during a press conference.
According to Ghana News Agency, Mr. Ofosu revealed that the Budget was presented to the Cabinet by Dr. Cassiel Ato Baah Forson, the finance minister, and it would encapsulate the Economic and Financial Policy of President John Dramani Mahama. He explained that for the 2025 financial year, the budget aims to provide a comprehensive understanding of the current state of the Ghanaian economy and clarify what the current administration inherited.
Mr. Ofosu noted that while President Mahama had addressed some aspects of the economy during the State of the Nation Address, the Finance Minister would provide more detailed insights into the economic conditions they encountered. The Budget is also intended to address the economic crisis left by the previous New Patriotic Party (NPP) Administration, highlighting the priority areas for the Mahama Administration moving forward.
He emphasized that the Budget is expected to resonate with the hopes and aspirations of the Ghanaian people, who gave President Mahama an overwhelming mandate. Mr. Ofosu stated that President Mahama has implemented measures to reduce non-essential government expenditure, including a reduction in the size of the government.
Article 179 mandates that the President prepare and present to Parliament the estimates of revenues and expenditures for the following financial year at least one month before the end of the current financial year. Due to 2024 being an election year in Ghana, the Budget for 2025 was postponed for the incoming administration to prepare and present to Parliament.
