Africa-Press – Ghana. Government has maintained its macroeconomic targets for 2025 despite revising its revenue and expenditure projections.
Presenting the mid-year budget review in Parliament on Thursday, Dr Cassiel Ato Forson, Minister of Finance, said the adjustments were driven by additional revenue from the Energy Sector Levies (Amendment) Act, 2025 (Act 1141).
“Notwithstanding the revisions to revenue and expenditures, the primary balance on commitment basis remains unchanged at a surplus of 1.5 per cent of Gross Domestic Product (GDP),” he noted,
The minister confirmed projections for 2025 remain: Real GDP growth of at least 4.0 per cent; non-Oil Real GDP growth of at least 4.8 per cent; end-year inflation rate of 11.9 per cent; and gross international reserves covering a minimum of three months of imports.
He said total revenue and grants have been revised upwards from GH¢227.1 billion to GH¢229.9 billion, increasing its share of GDP from 16.2 per cent to 16.4 per cent.
“The additional revenue of GH¢2.9 billion will come from the increase in revenues from the amendment to the Energy Sector Levies Act,” Dr Forson explained.
Conversely, total expenditure on commitment basis was revised downward from GH¢270.9 billion to GH¢269.5 billion, while primary expenditure increased to GH¢209.6 billion from GH¢206.8 billion.
“This upward adjustment reflects an increase in allocation to support energy sector payments,” he said.
Dr. Forson said interest payments were revised down by GH¢4.3 billion to GH¢59.9 billion, including a GH¢5.1 billion cut in domestic interest due to reduced treasury bill rates under prudent debt management.
“External interest payments have been revised upward by GH¢795 million to make additional provision for debt service due on post cut-off date disbursements made by our bilateral creditors since 2023.
“Mr. Speaker, energy sector payments have also been revised upwards by GH¢2.9 billion, to provision for fuel purchases for power generation,” he added.
Dr Forson said government remained cautiously optimistic despite economic progress, citing persistent risks to the fiscal framework including declining customs revenue, marine gas oil smuggling, wage pressures, and the pricing and award of contracts in foreign currency.
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