AN ASSESSMENT OF THE GOVERNMENT OF GHANA’S 2025 MID-YEAR FISCAL POLICYREVIEW

When the government presented the 2025 mid-year fiscal policy review on July 24, it had much to celebrate from the macroeconomic perspective. Real GDP growth, inflation, and the cedi exchange rate had seen significant improvements. Ghana’s external account position had also improved considerably. For the most part, information on these macroeconomic developments was well known before the government presented the mid-year review. In contrast, much less was known about the nature of the execution of the 2025 budget during the first half of the year, especially as the budget had introduced many new policy initiatives. Therefore, the Institute for Fiscal Studies (IFS) took a great interest in the mid-year fiscal review.