PIED lauded the 2025 budget as progressive, stressing the need for effective implementation. Key policies include tax removals and funding allocations for education and disaster relief. Finance Minister Ato Baah Forson emphasized a commitment to economic growth and societal equity through comprehensive support.
The Policy Initiative for Economic Development (PIED) has praised the 2025 budget policies of the Ghanaian government as progressive but emphasized the necessity for effective implementation. Chief Economist Dr. Daniel Ameteye Amin-Prempeh highlighted that while the policies are favorable, attention must be directed towards minimizing corruption and loopholes that have historically hindered progress.
Key economic measures in the budget include the removal of the Electronic Transfer Levy, COVID-19 Levy, and a proposed discontinuation of the 10 percent tax on betting winnings. Additionally, other eliminations feature the cancellation of the Emission Levy and VAT on motor vehicle insurance, along with the removal of the 1.5 percent withholding tax on unprocessed gold for small-scale miners.
Social investments include a considerable allocation of GH₵3.5 billion for the Free Senior High School program and GH₵499.8 million for a No-Academic-Fee policy for first-year public tertiary students. Further support is allocated with GH₵242.5 million for victims of the Akosombo dam spillage and GH₵200 million for those affected by a tidal wave disaster in Ketu South.
Moreover, the budget intends to provide GH₵292.4 million for distributing free sanitary pads to female students at primary and secondary levels. Dr. Amin-Prempeh advised that procurement for these initiatives should occur locally to promote Ghanaian businesses and expressed concerns about the possibility of misallocation.
Finance Minister Dr. Cassiel Ato Baah Forson affirmed the government’s commitment to the 24-hour economy policy aimed at fostering growth and employment opportunities. In his budget presentation, he envisioned the 2025 budget as a building block for a more resilient and fair society and encouraged broad support for its implementation across sectors.
The 2025 budget policies in Ghana are seen as progressive, yet their success hinges on effective implementation and the reduction of corruption. Significant economic and social initiatives are presented, including tax removals and substantial funding for educational and disaster relief programs. The commitment to a 24-hour economy reflects an effort to enhance growth and equity. Overall, cooperation from all stakeholders is crucial for realizing these goals.
Original Source: gna.org.gh
