2025 mid-year budget: 7 key expectations
Finance Minister Dr. Cassiel Ato Forson will present the much-anticipated Mid-Year Budget Review to Parliament on Thursday, July 24, 2025.
The review will assess Ghana’s fiscal performance for the first half of the year and outline critical adjustments needed to keep the economy on track under the IMF-supported recovery programme.
Ghanaians across sectors, ranging from business leaders and workers to civil society and development partners, are eagerly anticipating a policy statement that provides clarity, reassurance, and direction.
Given the current economic realities, there are several critical areas where the public expects the Minister to provide not just updates, but concrete strategies and measurable actions.
Below are some of the key expectations citizens and stakeholders hope to see addressed in his presentation.
1. VAT and tax policy clarity
Professional services firm PwC is calling for clear updates on planned VAT reforms and other tax policy changes first outlined in the March 2025 budget.
PwC Senior Partner Vish Ashiagbor noted that businesses are seeking certainty, especially on the removal of temporary levies like the COVID-19 tax and simplification of the VAT system.
The mid-year review is expected to confirm timelines and implementation strategies for these long-awaited reforms.
2. The Finance Minister is also expected to update Parliament on the performance and impact of recent tax measures such as the implementation of the ₵1 fuel levy, the scrapping of the E-Levy, and ongoing plans to simplify the VAT system, including the possible removal of the COVID-19 levy.
3. Revenue mobilisation and fiscal discipline
With a target of mobilising over GH¢200 billion in domestic revenue by year-end, the government is expected to announce new revenue-boosting measures. These may include refined tax enforcement strategies, spending efficiency improvements, and potential adjustments to existing levies.
Meeting revenue targets is essential for financing infrastructure projects without breaching fiscal limits.
Tax Analyst Francis Timore Boi commented: “The real test of fiscal discipline lies in the second half of 2025. This review will show whether the government can sustain its current momentum.”
4. Cost of living and cedi confidence
Despite the cedi’s strong recovery, appreciating by over 42% so far in 2025, the cost of living remains high.
Ghanaians are looking to the Finance Minister for practical interventions that go beyond macroeconomic indicators and address household-level challenges such as food inflation, transport costs, and utility bills.
5. Employment and flagship programmes
Job creation remains a national priority.
Although initiatives like the 24-Hour Economy and the Adwumawura programme have been launched, their impact has yet to be fully felt.
Dr. Forson is expected to provide progress updates and unveil strategies to accelerate job creation in the second half of the year.
Updates are also expected on the “Big Push” infrastructure programme, with insights into funding mechanisms and delivery timelines.
6. Excise taxes and public health
Policy think tank VAST Ghana has urged the government to maintain or increase excise duties on tobacco, alcohol, and sugar-sweetened beverages.
The group cited the dual benefit of generating revenue and addressing Ghana’s growing non-communicable disease (NCD) burden.
NCDs now account for 45% of all deaths in Ghana, with alcohol-related conditions alone causing over 37,000 deaths annually.
VAST Ghana warned against industry pressure for tax reductions, arguing that public health should remain a fiscal priority.
7. Fiscal performance
The presentation is also expected to be heavy on fiscal performance for the first half of the year and outline strategies to sustain economic recovery under the ongoing IMF-backed programme.
With a focus on taxes, spending efficiency and possible tweaks to existing levies, this year’s review is expected to provide a critical assessment of the government’s economic management, covering revenue performance, expenditure, debt servicing and policy implementation.