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Mohammed Ali
2 minutes read
The government has introduced targeted tax reliefs for traders and measures to stabilise the cedi, aiming to ease the financial strain on businesses and restore confidence in Ghana’s economy.
Presenting the 2025 Budget Statement and Economic Policy to Parliament on March 11, 2025, Finance Minister Dr Cassiel Ato Forson said engagements with market traders and businesses ahead of the budget revealed that exchange rate volatility and rising prices remain their biggest concerns.
“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 stated.
To address this, he announced that the government will work closely with the Bank of Ghana to implement strict forex management policies aimed at stabilising the cedi and controlling inflation.
He outlined several measures, including:
• A clampdown on speculative forex trading that artificially increases demand and weakens the cedi.
• Tighter monitoring of forex supply to ensure businesses can access foreign exchange at competitive rates.
• Improved reserves management to cushion the economy against external shocks.
Additionally, Dr Forson announced that small-scale traders will receive tax reliefs to reduce 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 said, adding that further details on the tax measures will be outlined in upcoming policy directives.
He described the 2025 budget as a direct response to the concerns of Ghanaian businesses and part of a broader effort to reset the economy and create jobs under President John Dramani Mahama’s administration.
