By Francis Kobena Tandoh
Finance Minister, Dr. Cassiel Ato Baah Forson, said on Thursday that the government is laying a solid foundation for sustainable economic growth and shared prosperity for Ghanaians.
Presenting his maiden Mid-Year Budget as Finance Minister to the Parliament of Ghana, he emphasized that the first half of 2025 has demonstrated the government’s commitment to economic recovery.
“Through prudent fiscal management, sound monetary policy, effective structural reforms, and strategic investments, we are laying a solid foundation for sustainable growth and shared prosperity,” said Dr. Ato Forson.
Some of the macroeconomic highlights as put out by the finance minister are stated as follows;
- Overall, Real GDP growth of at least 4.0%;
- Non-Oil Real GDP growth of at least 4.8%;
- End-of-year inflation rate of 11.9%.
- Primary balance on a commitment basis at a surplus of 1.5% of GDP; and
- Gross International Reserves covering not less than three months of imports.
Real Sector Performance
- In the first quarter of 2025, the economy expanded by 5.3%, up from 4.9% in the same period of 2024, marking the highest first-quarter growth since 2020.
- The agriculture sector led this growth with a remarkable 6.6% increase, about three times the growth in the first quarter of 2024.
- The agriculture sector growth contributed 26.4% of the overall first-quarter growth. The fishing sub-sector grew the most at 16.4%.
- The services sector, constituting the largest share of the economy at 46.8%, grew by 5.9% and contributed 47.9% to the overall first quarter growth, with Information and Communication Technology (ICT) leading the growth in the sector at 13.1%.
- Industry grew by 3.4% in the first quarter of 2025, contributing 20.6% to the overall first quarter growth. Manufacturing also posted an impressive growth of 6.6%.
- Mr. Speaker, non-oil GDP growth also picked up strongly, growing at 6.8% in the first quarter of 2025 compared to the growth rate of 4.3% in the same period in 2024.
- The non-oil GDP growth is the highest since 2018.
- It is expected that with the introduction of the 24-Hour Economy Policy, the Big Push Programme, and the Agriculture for Economic Transformation Programme, the GDP growth will be sustained and possibly exceed the targeted rate of 4% for 2025. Enditem
Source: Ghana Eye Report
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