In his 2025 Budget presentation, the Finance Minister of Ghana openly addressed the country’s ongoing economic challenges, acknowledging the severity of the crisis while laying out the government’s strategies for recovery. The Minister emphasized that the economy was inherited in a fragile state, burdened by a significant debt load. Issues such as inflation, price instability, and exchange rate volatility were flagged as top concerns, particularly for traders and businesses across the nation.
One of the major issues the Finance Minister identified was the struggling financial sector, which continues to face deep-rooted challenges. To address this, he revealed that the government will allocate 10.45 billion cedis to resolve ongoing financial sector issues. Ensuring economic stability, he stated, will require considerable effort, particularly in stabilizing key indicators such as the exchange rate, which has remained a persistent source of concern for the Ghanaian business community.
Additionally, the Minister pointed out that Ghana’s heavy dependence on gold mining—particularly illegal mining activities such as galamsey—has been an unsustainable driver of economic growth. Although gold mining has provided significant contributions to the country’s revenue, the Minister underscored the need for diversification to ensure long-term economic stability and growth.
Looking ahead, the Finance Minister reaffirmed the government’s commitment to economic reform. He assured that under President Mahama’s leadership, the administration would work tirelessly to “fix and reset” the economy, with a focus on stabilizing inflation, reducing the public debt to sustainable levels, and adhering to strict public procurement processes to avoid further fiscal mismanagement. Despite the difficult road ahead, the government remains steadfast in its determination to rebuild Ghana’s economy for future generations.
Source:Mybrytfmonline.com/Gumedzo Isaac Acheampong
