By Eugene Davis
Finance Minister Dr. Cassiel Ato Forson is expected to present Ghana’s mid-year budget to Parliament in July, Majority Leader Mahama Ayariga has announced.
Delivering the Business Statement to the House, Mr. Ayariga noted, “The mid-year is going to come in July. I am informed by one of my ministers that perhaps in July, we will have the mid-year budget presented to us.”
He explained the delay was due to the electoral transition and the timing of the appointment of new ministers, which resulted in the late approval of the main budget. “It is understandable that in June, it is still not ready for us to present the mid-year budget,” he added.
Meanwhile, President John Mahama has disclosed that Ghana has reduced its total public debt by nearly GHS150 billion over the past five months, attributing this progress to a stronger cedi. Speaking during the African Development Bank Annual Meetings in Abidjan, he described the development as “very significant.”
The Ghanaian cedi has surged by over 40% against the US dollar since the beginning of the year—outperforming many other African and emerging market currencies. This rally has significantly reduced the cost of Ghana’s foreign-denominated debt, easing fiscal pressure and strengthening investor confidence.
The upcoming mid-year budget is expected to outline further measures to reinforce macroeconomic stability and consolidate fiscal discipline. Analysts anticipate that the Finance Minister will focus on sustaining recent gains and laying the groundwork for long-term economic resilience.
Ghana’s economic rebound has also been reflected in its recent GDP figures. According to the Ghana Statistical Service, the economy expanded by 5.3% year-on-year in the first quarter of 2025, up from a revised 4.9% in the same period last year. The recovery was driven largely by robust performance in the services sector and a revival in agriculture.
“This momentum reflects more than just numbers—it signals recovery and confidence in an economy finding its rhythm within a complex global landscape,” said Government Statistician Dr.Alhassan Iddrisu.
Finance Minister Forson had earlier projected that with continued expenditure controls and structural reforms, Ghana’s real GDP growth could reach at least 4% by the end of 2025. Last year, the economy grew by 5.7%.
These positive trends have also prompted the International Monetary Fund (IMF) to consider revising Ghana’s targets under the $3 billion economic reform programme. The country’s improved fiscal outlook, particularly the early achievement of its 2028 debt-to-GDP target, has positioned it favorably within the IMF review framework.
