Ghana’s Minister of Finance, Dr. Cassiel Ato Forson, is scheduled to present the 2025 Mid-Year Budget Review to Parliament on Thursday, July 24, 2025.
In accordance with the Financial Administration Act and Section 28 of the Public Financial Management Act, 2016 (Act 921), the review serves as a statutory requirement for updating Parliament on the country’s fiscal performance in the first half of the year and outlining policy directions for the second half.
Expectations are high as stakeholders await a thorough assessment of the economy’s performance. According to the Bank of Ghana’s latest data, Ghana has recorded notable signs of recovery in the first half of 2025. Real GDP expanded by 5.3% in the first quarter, propelled by robust growth in agriculture and services. Even more encouraging is the 6.8% rise in non-oil GDP, indicating diversification in economic activities.
Dr. Forson is expected to underscore these achievements as evidence that the country’s economic rebound is gaining momentum. The Bank of Ghana’s Composite Index of Economic Activity also showed a 4.4% year-on-year increase in May, while recent Purchasing Managers’ Index (PMI) readings reveal rising business and consumer confidence across key sectors.
Revenue Mobilization and Spending Efficiency
A major focus of the Minister’s presentation will be Ghana’s revenue performance. Dr. Forson is anticipated to share whether the country is on track to meet its end-of-year revenue targets. This includes evaluating tax performance, non-tax revenue contributions, and any gaps in the government’s projections.
Expenditure management will also be under scrutiny, especially in light of debt servicing obligations. With continued efforts to implement fiscal discipline, the public expects the Finance Minister to provide updates on expenditure rationalization strategies and social intervention programs.
The review is likely to touch on Ghana’s debt sustainability trajectory. Encouragingly, the private sector is experiencing renewed lending support, with credit growth improving to 19.9% in April 2025 from 10.8% a year earlier. The narrowing contraction in real credit points to increased access to finance for businesses—a vital driver of job creation and economic inclusiveness.
Ghana’s external sector has also delivered impressive results. The country recorded a provisional trade surplus of US$5.6 billion in the first half of 2025, largely supported by increased gold and cocoa export earnings. This strong trade performance has helped widen the current account surplus to US$3.4 billion during the same period.
Such improvements have enhanced foreign exchange reserves and helped stabilize the exchange rate, which is likely to be highlighted as a critical win for the economy amid global uncertainties.
Policy Adjustments and Economic Strategy for H2 2025
As part of the review, Dr. Forson is expected to announce any amendments to the fiscal strategy in response to global and domestic developments. These could include modifications to projected revenues, new tax initiatives, spending reallocations, or interventions aimed at maintaining macroeconomic stability.
One key area of focus will be how the government plans to sustain the current recovery without compromising inflation targets or worsening the debt profile. The review may also signal plans to accelerate digital tax administration and broaden the tax net to increase domestic resource mobilization.
The Finance Minister is also expected to provide critical updates on Ghana’s International Monetary Fund (IMF) Programme. Since signing the Extended Credit Facility with the IMF, Ghana has made tangible progress in meeting fiscal benchmarks and structural reform commitments. Dr. Forson will likely use this opportunity to reaffirm the government’s dedication to the programme’s objectives, emphasizing transparency, fiscal prudence, and economic transformation.
With positive macroeconomic indicators and a strong external sector, the Finance Minister is expected to build public confidence while outlining realistic and pragmatic policy measures for the remainder of the year.
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