The Government is set to receive US$720 million from the ongoing International Monetary Fund (IMF) Extended Credit Facility (ECF) programme and an additional US$600 million from the World Bank’s Development Policy Operation to help finance approximately 35% of the national budget deficit.
Finance Minister Dr. Ato Forson the announced in Parliament while presenting the government’s 2025 budget statement.
Dr. Forson emphasized that these funds will provide much-needed fiscal stability and enable the government to undertake key social and economic interventions to support vulnerable communities, improve education and healthcare, and strengthen the nation’s economy.
Disaster Relief and Social Support
The government has allocated GH¢200 million to assist victims of the tidal wave disaster in Agavedzi and surrounding communities in the Ketu South Constituency.
Additionally, GH¢242.5 million has been set aside to support those affected by the Akosombo Dam spillage, ensuring displaced families receive relief and aid.
To ease the financial burden on students, the government has introduced the No-Academic-Fee policy under the ‘No-Fees-Stress’ initiative, with an allocation of GH¢499.8 million to cover the academic fees of all first-year students in public tertiary institutions.
As part of efforts to support menstrual health and increase school attendance among girls, the government has set aside GH¢292.4 million for the distribution of free sanitary pads to female students in primary and secondary schools.
Education and Healthcare Investment
The government has uncapped the Ghana Education Trust Fund (GETFund) to fully finance free secondary education and free tertiary education for Persons with Disabilities (PWDs), a move aimed at improving educational accessibility.
Additionally, the government will continue the payment of nursing and teacher trainee allowances, ensuring that students in these critical sectors receive financial support.
To address healthcare funding gaps, the National Health Insurance Levy (NHIL) has been uncapped to offset shortfalls previously supplemented by the United States Agency for International Development (USAID), ensuring continued access to quality healthcare.
Economic and Governance Initiatives
As part of efforts to boost the mining sector, the government has allocated a Cedi equivalent of US$279 million as a revolving fund for the Ghana Gold Board (GOLDBOD) to support responsible mining operations and enhance gold production.
To empower women entrepreneurs and promote financial inclusion, GH¢51.3 million has been designated as a seed fund for the establishment of the Women’s Development Bank.
In a move to strengthen local governance, the government has allocated GH¢100 million to begin monthly allowance payments to assembly members, recognizing their role in grassroots development.
Commitment to Economic Recovery
Dr. Forson assured Parliament that these financial interventions are part of the government’s broader strategy to stabilize the economy, protect livelihoods, and promote inclusive development.
“This budget reflects our unwavering commitment to economic recovery, social protection, and national growth. We will continue to work tirelessly to improve the lives of Ghanaians, strengthen institutions, and build a resilient economy that benefits all,” Dr. Forson stated.
The Finance Minister urged Parliament to support the budget, emphasizing that the outlined policies will drive sustainable development and economic stability in Ghana.
source : www.kumasimail.com