The Ministry of Finance is set to embark on a momentous journey, initiating public hearings this week in a bid to shape the 2026-2029 Budget and Economic Policy. This crucial process seeks to harness a vast array of perspectives from an eclectic mix of stakeholders, including business associations, financial institutions, civil society groups, and the broader public, to craft a medium-term economic plan that is both comprehensive and efficacious.https://chat.whatsapp.com/IwYdwerq679JpLNCAQXatL
The forthcoming 2026 budget, slated for presentation to Parliament on November 15, 2025, is anticipated to prioritize job creation and private sector-led growth, in consonance with recent recommendations from the World Bank that highlight the paramount importance of sustained employment opportunities in catalyzing Ghana’s economic resurgence.
The government has intimated that this focus on job creation will be the linchpin of its fiscal agenda, underscoring its Inflexible commitment to fostering an economic environment that is conducive to growth and development.
The Ghana Union of Traders Association (GUTA) has already signaled its intention to vociferously advocate for further reductions in commercial lending rates and tax rates, in a bid to mitigate the cost of doing business and create a more propitious environment for entrepreneurs and businesses to thrive.
According to Joseph Paddy, Public Relations Officer of GUTA, while inflation and the policy rate have exhibited a downward trend, interest rates remain stubbornly high, necessitating additional cuts to render lending rates more palatable.
“Additional cuts in lending rates are crucial,” he emphasized, highlighting the imperative need for a more favorable business environment that can spur economic growth and job creation.
This budget preparation process is notable for its emphasis on public engagement and stakeholder participation, with past submissions having exerted a profound influence on national budgets.
Surely, as the country steers its economic trajectory, the Ministry of Finance’s commitment to incorporating diverse perspectives and harnessing collective wisdom will undoubtedly yield a more nuanced and effective economic plan that is responsive to the needs of all stakeholders.
