Accounting and auditing agency, Deloitte Ghana has stated that whereas the Mid-Yr Funds and Financial Coverage provides optimism relating to a favorable financial outlook, there stay vital areas that necessitate the federal government’s focus to boost income technology and maintain the preliminary indicators of progress.
In keeping with Deloitte Ghana, there was the necessity for the government to accentuate home income mobilisation as a way to scale back reliance on borrowing and assist carry the general public debt underneath management.
Deloitte Ghana acknowledged this in its evaluation of the Mid-Yr Funds Assessment offered to Parliament by the Minister for Finance, Dr Cassiel Ato Baah Forson.
“Regardless of the robust performance in Non-Oil Tax Income, Company Earnings Tax, and Mineral Royalties, the underperformance in grants, petroleum receipts, and import duties presents dangers to attaining the 2025 income targets,” it mentioned.
The agency defined that the appreciation of the Ghana Cedi, whereas beneficial for value stability, had adversely affected income efficiency in areas akin to petroleum receipts and import duties, since these areas have been dollar-denominated.
“The Authorities ought to both match income losses with a commensurate discount in expenditure or introduce different revenue-enhancing measures to counter the influence of such losses to make sure we consolidate the fiscal beneficial properties recorded in half 12 months 2025,” Deloitte Ghana mentioned.
Commenting on economic progress, the agency acknowledged that Ghana’s Gross Home Product progress of 5.3 per cent within the first quarter of 2025, which exceeded each the primary quarter 2024 progress charge of 4.9 per cent and the 2025 annual goal of 4.0 per cent, signaled robust momentum.
It attributed the efficiency largely to the business sector, which expanded by 6.8 per cent, and mentioned the figures confirmed that earlier investments within the sector have been starting to yield outcomes.
Deloitte Ghana mentioned initiatives such because the 24-Hour Economic system Programme may play an important position in fostering a conducive enterprise setting to drive non-public sector participation and promote inclusive, sustainable progress.
“Going ahead, we count on insurance policies just like the 24-Hour Economy Programme to be key in creating an setting which can allow the Authorities to work with the non-public sector to realize sustainable financial progress with tangible advantages for Ghanaians,” it mentioned.
The report additionally pointed to indicators of fiscal consolidation, with expenditure efficiency indicating progress in price effectivity and waste discount.
Deloitte Ghana urged the federal government to prioritise public monetary administration reforms, together with strict enforcement of fiscal guidelines underneath the Public Monetary Administration Act throughout Ministries, Departments and Companies.
It additionally lauded the choice of the federal government to audit and validate current arrears earlier than disbursement, noting that this had resulted in 61 per cent financial savings on capital expenditure for the primary half of the 12 months.
Deloitte Ghana, nonetheless, inspired the federal government to speed up evaluations and disbursements to stop mission delays, abandonment by contractors, and potential lack of worth by way of theft or deterioration.
- Mr Nartey (center) with different dignitaries on the ceremony
- BY KINGSLEY ASARE
