The 2025 Budget Statement and Economic Policy of the government of Ghana has sparked intense debate, with some hailing it as a bold step towards economic recovery and others criticizing it as a "sakawa budget" or scam. At the heart of the controversy is the National Democratic Congress (NDC) administration's promise to reset the economy and deliver on its campaign promises.
According to Sammy Gyamfi, National Communications Officer of the NDC, the budget has silenced the opposition New Patriotic Party (NPP), with many of its legislators appearing lost and hopeless during the budget presentation. Gyamfi accuses the NPP of engaging in "political theatrics" in response to the budget, merely trying to excite their party base rather than offering constructive criticism.
The budget, presented by Finance Minister Dr. Cassiel Ato Forson, proposes abolishing nuisance taxes introduced and retained by the previous administration, subject to parliamentary approval. This move is expected to bring relief to businesses and citizens through tax cuts, which many believe contributed to the economic downturn under the previous administration.
Gyamfi is confident that the government will not have challenges implementing its promises, as the tax cuts and other measures were well thought through before being announced. He believes that the budget will meet the needs and aspirations of the public, as promised during the campaign.
The NDC administration's reset mantra has generated high expectations among Ghanaians, who are eager to see tangible improvements in the economy. The previous NPP administration's performance was widely criticized, leading to its defeat in the December 2024 elections.
In an exclusive interview, Gyamfi noted that the NPP has been overwhelmed by the budget and has resorted to making comments just to establish some relevance with their party base. "They are completely dumbfounded by the details of this budget. They have been totally silenced, but they just have to pull up some theatrics to ginger their party base," he stated.
Gyamfi's comments come on the back of criticism from former Finance Minister Dr. Mohammed Amin Adam Antah, who described the budget as a "sakawa budget." However, Gyamfi remains optimistic that the budget will deliver on its promises and bring hope to Ghanaians.
The 2025 budget is built around the theme "Resetting the Economy for the Ghana We Want." It outlines far-reaching measures to stabilize the cedi, manage inflation, and promote economic growth. The budget also proposes reforms to the public financial management system, including the enforcement of sanctions and the linking of contracting and public procurement to budgetary provisions.
As Ghana embarks on this new era of economic growth and development, it remains to be seen whether the 2025 budget will deliver on its promises. One thing is certain, however: the NDC administration has a daunting task ahead, and its success will depend on its ability to implement its policies effectively and efficiently.
Key Highlights of the 2025 Budget
- Tax Cuts: The budget proposes abolishing nuisance taxes introduced and retained by the previous administration, subject to parliamentary approval.
- Economic Growth: The budget outlines measures to promote economic growth, including reforms to the public financial management system and the enforcement of sanctions.
- Inflation Management: The budget proposes measures to manage inflation, including the stabilization of the cedi and the reduction of interest rates.
- Public Financial Management: The budget proposes reforms to the public financial management system, including the linking of contracting and public procurement to budgetary provisions.
- Job Creation: The budget outlines measures to promote job creation, including the support of small and medium-sized enterprises (SMEs) and the development of the agricultural sector.
The Way Forward
As Ghana embarks on this new era of economic growth and development, it is essential to ensure that the 2025 budget is implemented effectively and efficiently. This will require the cooperation of all stakeholders, including the government, the private sector, and civil society.
It is also essential to ensure that the budget is transparent and accountable, with clear mechanisms for monitoring and evaluation. This will help to build trust and confidence in the budget and ensure that it delivers on its promises.
Ultimately, the success of the 2025 budget will depend on the ability of the NDC administration to implement its policies effectively and efficiently. With the right policies and the right implementation, Ghana can embark on a new era of economic growth and development, and achieve its goal of becoming a middle-income country.
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