Deloitte Ghana on Monday, 17th March convened the 2025 Economic Dialogue, bringing together stakeholders Including experts from academia, industry, regulatory bodies, and practice, to discuss Ghana’s Economic Transformation Agenda.
The event, themed: “Ghana’s Economic Transformation Agenda; Key Contributions for a Successful Reset,” facilitated insightful discussions on the country’s economic outlook and the path to resetting the economy.
Daniel Kwadwo Owusu, Country Managing Partner of Deloitte Ghana, delivered the opening remarks, highlighting the significance of the forum in shaping Ghana’s economic future.
Mr Owusu emphasized the challenges facing Ghana’s economy, including high inflation levels, which peaked at 54% in 2022, and have yet to return to expected levels. He also noted the country’s high currency depreciation, which has resulted in importing inflation, and increasing unemployment levels.
The Country Managing Partner stressed the importance of identifying key considerations for a successful reset of the Ghanaian economy. He cited various government programs, such as the “Big Push,” “24-hour economy,” and “Agriculture for Economic Transformation Agenda,” aimed at driving economic growth and transformation.
Mr Owusu urged participants to actively engage in discussions, sharing ideas, experiences, and insights to shape a collective understanding of the opportunities and challenges ahead. The 2025 Deloitte Economic Dialogue aims to provide valuable support and insights to the government in charting a path towards restoring physical and debt sustainability, implementing practical structural reforms, and improving agriculture to drive industrialization.
The event promises to be a pivotal platform for stakeholders to contribute to Ghana’s economic transformation agenda, driving sustainable economic recovery and growth.
GUTA President Joseph Obeng Shares Insights on 2025 Budget and Economic Growth:
In an exclusive interview following Deloitte Ghana’s 2025 Economic Dialogue, Joseph Obeng, President of the Ghana Union of Traders Association (GUTA), shared his thoughts on the 2025 National Budget statement and its implications for the business community.
Mr Obeng emphasized the importance of the Economic Dialogue, stating that it provided a necessary platform for dissecting the budget and ensuring its alignment with government policies and programs. He commended the event for its timeliness, coming just a week after the Finance Minister’s presentation of the 2025 National Budget statement.
The GUTA President expressed concerns regarding compensation and import levies, highlighting the need for engagement with stakeholders before implementing taxes. He stressed that temporary measures should not become permanent, as this erodes trust in the government.
Mr Obeng also discussed the importance of accountability in tax collection, citing the need for transparency in how taxes are utilized. He referenced the President of the Association of Ghana Industries (AGI), Mr. Seth Twum Akwaboah, who emphasized the need to avoid making temporary solutions permanent.
In addition, Mr Obeng touched on the topic of public sector wages and compensations, highlighting the need to benchmark these with productivity. He emphasized the importance of effective labor in regenerating employment and ensuring value for money.
The GUTA President welcomed the Finance Minister’s introduction of a 3% Growth and Sustainability Levy for mining companies, acknowledging the potential for non-tax revenue areas to contribute significantly to the national coffers.
Mr Obeng concluded by reiterating GUTA’s expectations for the VAT reforms, stressing the need for a simplified, affordable, and uniform system. He believes that a well-restructured VAT system could increase Ghana’s Tax-to-GDP ratio beyond 20%
Deloitte Ghana’s Managing Partner, Daniel Kwadwo Owusu, Shares Insights on 2025 Budget:
In an exclusive interview, Daniel Kwadwo Owusu, Country Managing Partner, Deloitte Ghana, offered his analysis of the 2025 budget, highlighting its responsiveness to the concerns of the general public. According to Owusu, the budget appears to address some of the long-standing challenges, such as the removal of certain taxes and the rationalization of expenditures.
When asked if the budget is business-friendly, Mr Owusu noted that while no new taxes were added, some existing taxes were extended or increased. He emphasized the need for a homegrown solution to generate funding for projects, as Ghana has been squeezed out of the bond market. Owusu believes that businesses will view the budget as a catalyst for growth, incentivizing them to do more.
The Managing Partner also commended the government’s efforts to rationalize expenditure, citing the reduction of ministers as a positive step. However, he acknowledged that some businesses may be affected by the increased taxes, particularly in the extractive industry.
Mr Owusu concluded by expressing optimism about the budget’s potential impact, stating that it has tried to respond to the concerns of the general public. He hopes that the government will continue to listen to feedback and make adjustments to create a more favorable business environment.
As Ghana strives to achieve sustainable economic growth, the Deloitte Economic Dialogue serves as a timely reminder of the need for collective action and strategic planning.
During the forum, Gloria Boye Doku, Partner, Tax & Regulatory at Deloitte Ghana, launched the Deloitte Budget Analysis, a comprehensive review of the 2025 Budget Statement. The analysis is now available on Deloitte Ghana’s website.
The Deloitte Budget Analysis provides key insights into Ghana’s economic outlook, the policies set for implementation in the 2025 fiscal year, and the path to resetting the economy. The report is expected to serve as a valuable resource for policymakers, business leaders, and stakeholders seeking to understand the implications of the 2025 budget on Ghana’s economic transformation agenda.
The dialogue provided a platform for experts to share insights on the critical factors that will drive Ghana’s economic transformation. These include Fiscal Discipline, Investment in Human Capital, Infrastructure Development, and Private Sector Participation.
By Kingsley Asiedu
