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Introduction
Ghana’s Finance Minister, Dr Cassiel Ato Forson, has outlined the significant achievements of the current government, which has barely been in office for a year.
Presenting the Mid-Year Fiscal Policy Review in Parliament on July 24, 2025, the minister said President John Mahama’s government has revived the economy despite what it inherited.
“Mr. Speaker, in the face of this dire inheritance bequeathed by the Akufo-Addo/Bawumia administration, the government of President John Dramani Mahama made a conscious decision not to make excuses, but to reset the country,” he said in paragraph 30 of the presentation.
DUBAWA has highlighted the key areas of the mid-year budget statement, focusing on the economy, infrastructure, and education.
Economy
To fulfil a central manifesto promise, the Ghana Gold Board was established through Act 1140 to accumulate foreign exchange and help stabilise the cedi.
The primary balance recorded a surplus of 1.1% of GDP on a commitment basis in June 2025.
Inflation dropped from 23.8% in December 2024 to 13.7% by June 2025.
Also, interest rates on Treasury bills have reduced from 27.73%, 28.43%, and 29.95% on 91-day, 182-day, and 364-day T-bill rates as of Dec. 2024 to 14.73%, 15.34%, and 15.76%, respectively, as of June 2025. This indicates a decline of over 1300 basis points for 91-day and 182-day T-bill rates and over 1400 basis points for the 364-day T-bill rates.
Again, gross international reserves in June 2025 can cover 4.8 months of imports because the Bank of Ghana has accumulated US$11.12 billion.
As of June 2025, the cedi has appreciated 42.6%, 30.3%, and 25.6% against the dollar, pound, and euro, respectively.
As a result of the cedi’s appreciation, Ghana’s public debt has reduced from 726.7 billion as of December 2024 to 613 billion at the end of June 2025.
To sustain the National Investment Bank’s profitability, the Government of Ghana has transferred its 500 million shares in Nestle Ghana to the bank. The finance minister added that the government has also injected 450 million in cash.
Also, the mid-year review stated that a new Road Maintenance Trust Fund Bill to replace the Ghana Road Fund would be laid before parliament.
Education
Commenting on tertiary education, the mid-year budget stated that all trainee teachers’ and nurses’ allowances were paid from January to June 2025.
Further, the mid-year budget promised a prompt monthly payment of the ensuing allowance.
For secondary education, the government is committed to expanding and developing existing senior high schools.
Infrastructure
The Finance Minister reiterated that the government is set to resume disbursing funds for “priority projects.”
The bilateral agreement between Ghana and creditor countries will ensure these priority projects are completed by 2028. The priority projects include:
- Kumasi Central Market Phase 2
- Takoradi Market
- Expansion and Development of Existing Senior High Schools
- New Bridge Across the Volta River at Volivo
- Construction of the Tema-Aflao Road Project- Phase 1
- Tema Motorway Roundabout, through Ashaiman Roundabout to Atimpoku
- Construction of 14 Pedestrian Bridges
- Kumasi Roads and Drainage Extension
- Paa Grant Interchange and Sekondi/Takoradi Township Roads- Phase 1
- Rehabilitation of Dome-Kitase Road
- Obetsebi Lamptey Interchange- Phase 2
- Bolgatanga-Bawku-Pulimakom Road
- PTC Roundabout Interchange Project at Takoradi
- Construction of Drinking Water Facilities in Wenchi
- Sekondi-Takoradi Water Supply
- Modernisation of Komfo-Anokye Teaching Hospital;
- Establishment of the University of Environment and Sustainable Development at Bunso
Most of these projects are listed as “priority projects” because they are over 70% complete.
The finance minister reiterated that the president has ordered the payment of contracts only in the cedi from July 24, 2025. This is a measure to curb the “unfortunate development” of transacting local business in foreign currencies.
Conclusion
With barely a year in office, President Mahama’s government said it has delivered on the core areas of its promise, with the assurance of doing more in the coming days.
