Ghana’s Finance Minister, Dr. Cassiel Ato Forson, embarked on a crucial pre-budget consultation with traders at Makola Market, Accra’s bustling commercial hub, to gather firsthand insights for the 2025 national budget. This engagement reflects the government’s commitment to inclusive policymaking, recognizing the significant role of small businesses and informal sector workers in the national economy. The Minister, accompanied by his deputy and ministry officials, engaged in direct dialogue with market women, traders, and members of the public, underscoring the importance of incorporating their lived experiences and perspectives into the budget formulation process. Dr. Forson emphasized that the voices of these key economic players would be instrumental in shaping policies that directly impact their livelihoods and, by extension, the overall health of the Ghanaian economy. This proactive approach aims to ensure the 2025 budget addresses the real-world challenges faced by ordinary Ghanaians and fosters a more supportive environment for small businesses.
The interactive session provided a platform for traders to voice their concerns and expectations regarding the upcoming budget. Dominant themes included the burden of rising taxes, the escalating cost of doing business amidst inflationary pressures, and the need for improved access to credit and market infrastructure. Many traders highlighted the negative impact of the depreciating cedi and the high cost of imported goods on their profit margins, urging the government to intervene with policies that stabilize the currency and reduce import duties. Madam Abena Mensah, a representative trader, articulated the collective struggle, emphasizing the need for cost reduction measures to ensure fair pricing and business sustainability. These concerns paint a vivid picture of the challenges faced by small businesses in the current economic climate and provide valuable input for the government’s budgetary deliberations.
Dr. Forson responded to the traders’ concerns with assurances that their input would be seriously considered during the budget formulation process. He reiterated the government’s commitment to addressing inflation, alleviating the tax burden on small businesses, and enhancing financial support for market traders. This direct engagement and responsive approach demonstrate the government’s commitment to crafting a budget that is not only fiscally sound but also attuned to the needs of its citizens, particularly those operating in the informal sector. The Makola Market consultation forms part of a broader stakeholder engagement strategy by the Ministry of Finance, which includes planned meetings with farmers, transport operators, and industry leaders. This comprehensive approach ensures that the 2025 budget reflects the diverse perspectives of various economic sectors, promoting a balanced and people-centered approach to economic development.
Following the extensive stakeholder consultations, the Cabinet approved the 2025 budget in a special meeting on March 7, 2025, paving the way for its presentation to Parliament on March 11. Felix Kwakye Ofosu, Minister of State for Government Communication, announced the approval, highlighting the budget’s focus on addressing Ghana’s economic challenges while advancing the priorities of the John Dramani Mahama administration. The budget is strategically designed to stabilize the economy, foster sustainable growth, and improve the livelihoods of Ghanaians. The government’s emphasis on economic stability and sustainable growth signals its commitment to long-term economic prosperity. This proactive approach is aimed at creating a more robust and resilient economy capable of withstanding future challenges and delivering sustained benefits to the citizens of Ghana.
In addition to addressing broader economic concerns, the Cabinet also addressed the critical issue of energy security. Energy and Green Transition Minister, John Jinapor, outlined the Cabinet’s decision to construct a second gas processing plant as a key measure to enhance energy security and ensure a stable power supply. This strategic investment underscores the government’s recognition of the crucial role of reliable energy infrastructure in supporting economic development and improving the quality of life for citizens. Recognizing the urgency of the energy situation, the Cabinet has approved a series of short, medium, and long-term interventions aimed at tackling Ghana’s energy challenges comprehensively. This proactive and multi-faceted approach demonstrates the government’s commitment to ensuring a secure and sustainable energy future for the nation.
The comprehensive consultations undertaken by the Finance Ministry, culminating in the Cabinet’s approval of the 2025 budget, signal a significant step towards inclusive and responsive policymaking in Ghana. The government’s commitment to engaging with various stakeholders, including market traders, farmers, and industry leaders, ensures that the budget reflects the diverse needs and perspectives of the Ghanaian population. The focus on addressing key economic challenges, promoting sustainable growth, and enhancing energy security lays a foundation for a more prosperous and resilient future for the nation. The traders at Makola Market, along with other stakeholders, now await the budget presentation with anticipation, hopeful that their concerns will be adequately addressed and that the resulting policies will contribute to a more favorable business environment and improved economic conditions for all Ghanaians.
