According to Development Economist, Dr. George Domfeh, the upcoming 2025 Budget, set to be presented on March 11, will likely build upon the existing economic foundation laid by the previous Akufo-Addo administration. Apexnewsgh reports
Dr. Domfeh believes that the Post Covid Program for Economic Growth (PCPEG) will remain a central focus, with the new government aiming to achieve its objectives.
The PCPEG program, initiated by the previous government, seeks to restore macroeconomic stability, ensure debt sustainability, and implement reforms to drive resilient and inclusive growth. Dr. Domfeh expects the new government to fulfill its promise of scrapping the E-Levy, Covid levy, and betting tax. However, he notes that this move will not be unprecedented, as the previous administration also scrapped taxes during its tenure.
Dr. Domfeh commended former Finance Minister Ken Ofori-Atta for his successful negotiations with the International Monetary Fund (IMF).
He credited Ofori-Atta’s understanding of the financial market for securing favorable deals for Ghana. Dr. Domfeh also disputed claims that the country’s debt reduction was due to global market confidence in President Mahama, instead attributing it to Ofori-Atta’s efforts.
Ghana’s economy is projected to grow at a slower pace in 2025, with a forecasted real GDP growth rate of 3.6%. The services sector is expected to drive this expansion, while the cocoa subsector shows promising signs of improvement.
Source: Apexnewsgh.com
