Financial economist and senior lecturer at the University of Ghana Business School (UGBS), Legon, Professor Lord Mensah, has expressed high expectations of the first budget and economic policy of the new administration, stressing the need for a business-friendly policy framework that supports the country’s private sector and stimulates economic growth.
Speaking in an interview with The High Street Journal, Prof. Mensah said the 2025 budget should align with the government’s policy vision, particularly its flagship 24-hour economy initiative.
He noted that the budget must provide clear strategies for its implementation, outlining how various sectors will be integrated into the policy to maximize economic benefits.
“I expect a budget that will be business-friendly, one that will record a lower budget deficit to reduce the government’s financial needs. This will encourage market players to move funds into the private sector, leading to a decline in interest rates and ultimately boosting business activities,” he stated.
Prof. Mensah further commended the participatory approach adopted by the new Finance Minister, who has engaged various economic actors, including market women and industry players, to gather input for the budget. He described this as a bottom-up budgeting strategy, which ensures that national policies reflect the realities and needs of ordinary Ghanaians and businesses.
“A budget is not just about numbers; it must address the welfare of people at all levels of the economy. The Finance Minister’s engagement with grassroots stakeholders is commendable, as it ensures that budgetary decisions are inclusive and practical,” he added.
His call aligns with the concerns of the Association of Ghana Industries (AGI), which has urged the government to reset the country’s manufacturing sector through targeted policy reforms. The AGI has demanded measures to tackle forex volatility, high taxes, and import dependency, arguing that strengthening local industries will enhance Ghana’s competitiveness under the African Continental Free Trade Area (AfCFTA) and create jobs.
Prof. Mensah reiterated that a well-structured budget must address these pressing issues, providing a roadmap for industrial growth, private sector expansion, and sustainable economic transformation.
