While delivering the 2025 Budget Statement and Economic Policy to Parliament on March 11, 2025, Finance Minister Dr. Cassiel Ato Forson stated that discussions with market traders and businesses prior to the budget highlighted their primary concerns: exchange rate fluctuations and escalating prices.
“Our extensive consultations with traders at major markets, including Makola, made it clear that fluctuating exchange rates are eroding their working capital and making business planning difficult,” Dr. Forson indicated.
To tackle this issue, he declared that the government will collaborate closely with the Bank of Ghana to enforce stringent forex management policies designed to stabilize the cedi and curb inflation.He outlined several measures, including:
• A crackdown on speculative forex trading that artificially drives up demand and devalues the cedi.
• Stricter oversight of forex supply to ensure businesses can access foreign exchange at competitive rates.
• Enhanced reserves management to safeguard the economy against external shocks.
Furthermore, Dr. Forson announced tax reliefs for small-scale traders to ease their financial burden.
“We are introducing targeted tax breaks for traders in key sectors to enable them to reinvest in their businesses and keep prices stable,” he stated, noting that additional details on the tax measures will be provided in forthcoming policy directives.
He described the 2025 budget as a strategic response to the concerns of Ghanaian businesses and a key initiative in the broader effort to revitalize the economy and generate jobs under President John Dramani Mahama’s administration.
By: Nzematoday Tv
