As Ghana prepares for the presentation of the 2025 mid-year budget review on Thursday, July 24, Financial Security Expert, Dr. Philip Takyi is calling on policymakers to focus on small and medium enterprises (SMEs), structural reforms, and sustainable growth strategies.
Dr. Takyi emphasized the urgent need for targeted measures that ease pressure on the Bank of Ghana’s reserves, boost export growth, and attract diaspora investment into productive local industries.
“This mid-year budget review must expand tax incentives for SMEs, boost support for local industries, and streamline public expenditure. These measures are crucial to reinforcing the real economy and maintaining investor confidence.”, he said.
Responding to ongoing discussions around the relative stability of the Ghanaian cedi, Dr. Takyi warned against mistaking currency strength for overall economic health.
“It’s not enough to celebrate a favorable exchange rate on paper while import dependency exists. We must channel forex inflows into strategic investments that reduce vulnerabilities, promote value addition, and create sustainable jobs.”, he noted.
While acknowledging recent improvements in the cedi’s performance, he stressed that currency gains must trickle down into productive sectors such as agriculture, manufacturing, and technology.
“Stability in the cedi must translate into deeper economic resilience by supporting productive sectors,” Dr. Takyi reiterated. “Otherwise, we risk celebrating shallow wins while the structural economy remains fragile.”
Finance Minister Dr. Cassiel Ato Forson is expected to present the mid-year fiscal review to Parliament, with key stakeholders across sectors watching closely for signals on the next phase of Ghana’s recovery agenda.
With inflation easing and forex reserves improving, experts believe the mid-year budget provides an opportunity to pivot from stabilization to inclusive productivity, especially by strengthening SMEs—a backbone of Ghana’s job creation ecosystem.
Source: Starrfm.com.gh
