Ghana’s Parliament has given the green light to the 2025 Mini-Budget, amounting to GHC68.13 billion. This approval came after thorough discussions at the Finance Committee level with Finance Minister Dr. Mohammed Amin Adam.
The budget will support government operations for the first quarter of the year, paving the way for the comprehensive budget presentation by the incoming Mahama administration.
The approval followed the Finance Minister’s presentation of the Expenditure in Advance of Appropriation for January to March 2025 on January 2, 2025.
The proposal was then referred to the Joint Committee on Budget and Finance for review and recommendation, in accordance with Article 180 of the 1992 Constitution and the Standing Orders of Parliament.
Budget Highlights:
– Total Revenue and Grants: Projected at GHC42.54 billion (3.5% of GDP), including:
– GHC40.67 billion in Domestic Revenue.
– GHC1.87 billion in Tax Revenue.
– GHC68.65 million in Grants.
– GHC1.04 billion from Social Security Contributions and other revenue sources.
– Expenditure Provisions: Allocations focus on essential government functions, including tax refunds (GHC2.37 billion), healthcare, education, and infrastructure development.
The approval process, marked by lively debate, highlighted the differing perspectives of the majority and minority parties. Key points of discussion included spending priorities in healthcare, education, and infrastructure, as well as revenue mobilization strategies.
The Mini-Budget aims to address Ghana’s urgent fiscal needs while promoting economic stability. It also demonstrates Parliament’s dedication to preventing a government shutdown amid concerns over delays in its presentation.
Despite earlier claims by the minority that the Finance Minister intentionally delayed the presentation, the majority refuted these allegations, emphasizing the budget’s crucial role in maintaining government operations.
The passage of this budget marks a significant transition as the Mahama administration prepares to take office. The focus now shifts to the government to ensure the effective implementation of the budget and the achievement of its policy goals for the nation.
