Government prioritises private sector growth in 2025 budget strategy

Finance Minister Dr. Cassiel Ato Forson has outlined the government’s commitment to boosting private sector growth as a key pillar of the 2025 Budget and Policy Statement. The budget, set to be presented on March 11, will focus on creating a stable economic environment that allows businesses to thrive, ensuring job creation and sustainable development.

Speaking during a youth engagement session on X Spaces, hosted by social media influencer KalyJay, Dr. Forson stressed the need to reduce government borrowing and spending to free up financial resources for private enterprises. He highlighted that excessive government borrowing has restricted access to credit for businesses, making it harder for them to expand and contribute to economic recovery.

“It is very critical for the government to cut expenditure and reduce its appetite for borrowing. In doing so, there will be a lot more resources for the private sector to benefit from,” he stated.

The minister assured that the 2025 budget would introduce policies to maintain a stable exchange rate and control inflation, fostering a predictable economic environment that encourages investment. He acknowledged the economy’s current fragility but expressed confidence that targeted reforms would restore stability and long-term growth.

By focusing on economic stability and empowering private enterprises, the government aims to set Ghana on a path toward sustainable economic expansion and improved livelihoods.

By: Linda Akite