Despite the positive signs from 2024, Ghana’s economy will require structural adjustments to put the country on the path to sustainable economic growth and debt levels, Professional services firm, Deloitte, has said.
To set the agenda towards building the desired economy, Deloitte noted that the government, in its 2025 Budget Statement, has proposed a number of domestic revenue mobilization measures and expenditure rationalization strategies aimed at stabilizing the economy and improving macroeconomic indicators.
A key highlight of the 2025 Budget Statement is the abolishment of a number of taxes and promised reform of the Value Added Tax (VAT) regime.
“The expected VAT reform would be much welcomed by the business community, and we look forward for this to be initiated and completed in this calendar year.
“The business community is also looking forward to “realignment” of import duties, especially on production inputs, to enable it grow and provide the necessary jobs in the economy,” Deloitte said in its analysis of the 2025 budget statement.
It added “We await specific details on the 24-Hour economy, using government procurement to spur local growth and the “Big Push” strategic infrastructural development programme, which aims to allocate US$10 billion to fund infrastructural development.”
Deloitte also noted that the Ghanaian economy has undoubtedly experienced significant economic headwinds in recent years culminating from an International Monetary Fund (IMF) Extended Credit Facility (ECF) programme, aimed at restoring macroeconomic stability and ensuring debt sustainability.
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Regarding specific commitments by the government, Deloitte said that they were waiting for specific details on the 24-Hour economy policy idea by the Mahama administration.
He announced this on Tuesday, 11th March, during the presentation of the 2025 Budget Statement and economic policy to Parliament.
Dr Forson noted that the 24-hour economy has the potential to create jobs and foster sustainable economic growth.
“The Mahama-led NDC government is committed to the pursuit of the 24-hour economy policy,” he stated.
“Ghana already has the necessary legal framework for which we look forward to seeing tightening of fiscal responsibility rules to ensure debt sustainability. The current debt levels within the energy sector, especially in electricity generation and distribution, need to be resolved with the proposed comprehensive and concerted push.
“At Deloitte, we are guided by our purpose of making an impact that matters, and in these times, we deliver on this purpose ensuring that our clients, the public and society are abreast of the economic happenings and their effects.
The post Ghana’s economy requires structural adjustments despite positive signs of recovery – Deloitte first appeared on 3News.
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