By:Akosua Otchere
Minister of State for Government Communications, Felix Kwakye Ofosu, has reaffirmed the government’s commitment to fulfilling its 120-day Social Contract in the upcoming 2025 budget, set to be presented on Tuesday, March 11, 2025.
The Social Contract outlines 26 key pledges aimed at revitalizing the economy and easing the financial burden on Ghanaians. Among the major commitments are the removal of the E-Levy, the COVID levy, the 10% tax on bet winnings, and the emissions levy—all within the administration’s first 90 days in office.
Speaking to journalists in Accra on Friday, March 7, Kwakye Ofosu disclosed plans to review taxes and levies on vehicles and equipment imported for industrial and agricultural purposes. He also highlighted the government’s intention to introduce key economic initiatives, including the launch of the 24-Hour Economy Policy and the implementation of a ‘No-Academic-Fee’ policy for first-year students in public tertiary institutions.
Additionally, the government plans to establish a Women’s Development Bank and roll out major job creation programs as part of its first budget.
“The finance minister has clearly indicated that we are on course to meeting those promises. So when on Tuesday he unveils the details of his budget, you will find that we have kept faith with the people of Ghana regarding the specific promises we made in the 120-day social contract,” Ofosu stated.
He also addressed concerns about Ghana’s currency depreciation, assuring that long-term and medium-term measures would be introduced to stabilize the economy.
“In terms of the currency, the finance minister will highlight measures both within the long term and medium term to address the financial weaknesses within our economy, one of which is rapid currency depreciation.
“In concert with development partners and other stakeholders within the economy, appropriate measures will be prescribed for addressing this perennial challenge of currency depreciation,” he added.
The 2025 budget is expected to outline comprehensive policies to drive economic stability and growth while delivering on key campaign promises.
