As Ghana awaits the presentation of the 2025 budget, key stakeholders, including the business community, have expressed their expectations for a comprehensive and pragmatic economic strategy from the Finance Minister, Dr. Cassiel Ato Forson.
A major focus is on revenue mobilization, with stakeholders calling for a realistic and strategic approach to increasing domestic revenue.
In an interview with The High Street Journal (THSJ), Dr. Daniel Amateye Anim, the Chief Economist at Policy Initiatives for Economic Development (PIED Africa) has emphasized the need for policies to strengthen internal revenue generation to meet recurrent expenditures and fund critical development projects.
“Given the government’s promise to abolish taxes such as the e-levy, COVID-19 levy, and betting tax, there is an expectation that alternative revenue streams will be introduced to fill the gap without overburdening businesses and individuals”, he said.
Another key concern the chief economist raised was, fiscal discipline and controlling government expenditure, he urged the minister to outline clear measures to reduce wasteful spending and maintain economic stability. “The business community is particularly keen on strategies to address the depreciation of the cedi, especially now that the Bank of Ghana’s “Gold for Oil” initiative has been suspended.”
He said there was a strong demand for alternative policies to stabilize foreign reserves and ensure a stronger and more predictable exchange rate.
However, Dr Anim said the cost of capital was also a pressing issue, with businesses looking forward to policies that would lead to a decline in interest rates. Explaining that, it would largely depend on the Bank of Ghana’s monetary policy direction, which is expected to support business growth and investment.
Additionally, speaking on the Public Private Partnerships (PPP), he said most people wanted a clear policy framework that fosters collaboration between the public and private sectors, ensuring that businesses play a central role in economic expansion. “Particular interest has been placed on the proposed “24-hour economy” policy, which was a key discussion point during the election period.”
He said the Finance Minister must outline concrete steps for its implementation, ensuring that it translates into economic growth and job creation.
When asked about the education sector, Dr Anim said, there must be a call for clarity on the continuation of the Free Senior High School (Free SHS) policy, because citizens want a firm statement on whether the government will sustain, modify, or expand the program.
Furthermore, he said the government must implement policies such as “Planting for Food and Jobs” to increase agricultural productivity, enhance food security, and reduce the country’s reliance on imports.
He said the Finance Minister must take steps that promoted value addition along the agricultural value chain, ensuring job creation and competitive pricing of local products.
He emphasized the role of the private sector in economic development, calling for direct government support in the form of capital investment, capacity building, and policy-driven market expansion.
The economist believed that without deliberate government intervention, expecting the private sector to independently drive economic growth would not efficiently meet the desired results.
He hinted on the reduction of Ghana’s heavy reliance on foreign-controlled sectors, He said with large portions of the economy in the hands of foreign investors, he warned that failing to establish stronger local participation would put Ghana’s economic stability at risk.
On import reduction, he said the budget must push for policies that promote local production of items such as poultry, rice, and sugar.
He argued that Ghana has the potential to be self-sufficient in these areas, and reducing imports would reduce pressure on the cedi by cutting down the demand for foreign exchange.
Dr Anim hoped that the Finance Minister would deliver a budget that prioritizes long-term economic resilience while addressing immediate concerns facing businesses and households.
