Finance Minister Dr. Cassiel Ato Forson has presented the 2025 Budget Statement and Economic Policy to Parliament, marking the first financial blueprint under President John Dramani Mahama’s renewed leadership.
Addressing Parliament on Wednesday, March 11, 2025, Dr. Forson described the moment as one of “great significance” and pledged bold reforms to reset the Ghanaian economy in line with the vision of the new administration.
“It is a singular honor to stand before this House to present, on behalf of His Excellency President John Dramani Mahama, the budget of his new administration,” he stated. “This budget represents the true aspirations, thoughts, needs, and genuine desires of the people of Ghana.”
Themed “Resetting the Economy for the Ghana We Want,” the 2025 budget focuses on job creation, restoring economic stability, and building an export-driven industrial economy.
Dr. Forson announced plans to amend key economic legislation, including the Petroleum Revenue Management Act, the Ghana Cocoa Board Act, and the Fiscal Responsibility Act, among others.
“To support the policies of government aimed at stabilizing the economy and promoting inclusive growth, I will be seeking amendments to more than ten major acts,” he said. “These legal reforms are critical for us to reset our economy and define a new path for inclusive prosperity.”
One major proposal includes the creation of a Ghana Gold Board, which he said would help stabilize the local currency through foreign exchange and gold reserve accumulation, adding “As part of efforts to stabilize our cedi, I will also submit a bill to provide a legal framework for the establishment of the Ghana Gold Board.”
Reflecting on the challenges ahead, Dr. Forson said: “There comes a time in a nation’s history when fundamental challenges must be confronted, difficult choices must be made, and a new course must be set. For Ghana, the defining moment is now.”
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Dr. Forson also shared that extensive stakeholder consultations informed the budget, including a National Economic Dialogue held in March 2025 and engagements with market traders and business leaders.
“Our consultations revealed that the overriding concern among Ghanaian traders and the business community remains price and exchange rate stability,” he said. “Exchange rate volatility is eroding working capital and making business planning nearly impossible.”
He stressed the administration’s commitment to rebuilding trust and fixing what he described as a broken economic structure noting “President Mahama has chosen the path of reform and transformation. He will fix the economy, restore hope, and lead us to build the Ghana we want together.”
Looking back at his own journey from backbencher to Finance Minister, Dr. Forson expressed gratitude to his constituents and colleagues in Parliament, saying, “Standing here evokes a sense of nostalgia.This esteemed House is a sanctuary of rigorous debate and principled cooperation. I look forward to working with colleagues across the aisle to restore Ghana’s economy through sound policy and structural reforms.”
The full budget has been submitted to the Hansard Department and is expected to be debated in Parliament in the coming days.
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Source: Comfort Sweety Hayford/ATLFMNEWS
