The government has set an overall Gross Domestic Product (GDP) target of 4.0 per cent for the year 2025, Finance Minister, Dr. Cassiel Ato Baah Forson, has said.
He made the disclosure during the presentation of the 2025 Budget Statement and Economic Policy in Parliament Tuesday, March 11, 2025.
“Mr. Speaker, in pursuit of the overarching macroeconomic objectives, the following macroeconomic targets have been set for the 2025 fiscal year: Overall Real GDP growth of at least 4.0 percent,” he stated.
He also announced as part of the government’s macroeconomic targets, a “Non-Oil Real GDP growth of at least 4.8 percent” and an “End-Period inflation rate of 11.9 percent,” he stated.
The Minister also announced “primary Balance on Commitment basis at a surplus of 1.5 percent of GDP; and Gross International Reserves (including oil funds and encumbered/pledged assets) to cover not less than 3 months of imports.”
He further disclosed that the NDC government’s topmost priority is to reset the country and restore good governance for the citizenry.
He explained that the resetting agenda will be anchored on three main pillars which include restoring hope to the nation’s democracy, assisting the vulnerable in society and using the 24-hour-economy to stimulate demands of Ghanaians.
“Mr. Speaker, the resetting agenda will be anchored on:
- restoring hope in our democracy, renewing trust in public officials, and helping every Ghanaian attain their full potential;
- offering a trusted hand to the vulnerable, particularly women and youth and creating a new Ghana for coming generations; and
- stimulating demand by patronising made-in-Ghana goods under the 24-hour Economy Policy.
Meanwhile, he averred that the government’s fiscal policy objectives is to support economic transformation agenda to ensure macroeconomic stability of the country within the macroeconomic and fiscal framework.
He noted “more specifically, the fiscal policy objectives of government include:
- Rationalising government expenditure and eliminating wasteful expenditure;
- Optimising domestic revenue mobilisation through the broadening of the tax base, increased non-tax revenue collection, adopting enhanced tax compliance measures, and modernisation of tax administration through digital technology;
- Increasing the share of domestic capital expenditure to spur economic growth and job creation;
- Reducing public debt to sustainable levels and adopting prudent debt management practices to support debt sustainability;
- Reducing the fiscal deficit progressively in accordance with an amended Fiscal Responsibility Act to promote fiscal and debt sustainability; and
- Restoring confidence in Ghana’s economy.
Full Text: 2025 Budget and Economic Policy as presented to Parliament
