Ghana’s Economy Rebounds: Mid-Year Budget Review Signals Fiscal Discipline, Strong Growth, and Major Tax Reforms

Ghana’s 2025 Mid-Year Budget Review, presented by Finance Minister Dr.

Cassiel Ato Forson, highlights a significant turnaround in the country’s economic fortunes. The government reported a narrowed fiscal deficit, a record reduction in public debt, and a robust 5.3% economic growth rate—the highest since 2020. Key reforms include the planned abolition of the COVID-19 levy, reduction of VAT rates, and the deployment of AI to curb revenue leakages at ports. The Ghanaian cedi has shown strong recovery, and investor confidence is up as dollar bonds hit record highs.

Despite these gains, the government acknowledges ongoing challenges and emphasizes continued fiscal discipline and targeted spending.