Mid-Year Budget Review: Ghana’s Economy is on Track – Hon. David Vondee

The Member of Parliament for Twifo-Atii Morkwaa, Hon. David T. D. Vondee, has declared that Ghana’s economy is firmly back on track under the leadership of President John Dramani Mahama and Finance Minister Dr. Cassiel Ato Forson.

He made these remarks in an interview with ExpressNewsGhana following the presentation of the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, 2025.

Describing the presentation as “excellent,” Hon. Vondee lauded Dr. Ato Forson for his articulate delivery, clear communication, and the positive content of the budget.

According to him, the budget review not only highlighted the significant strides made in stabilizing the economy but also restored his sense of national pride.

“I’m taking home excitement, and a belief in being Ghanaian again. Dr. Ato Forson’s delivery was not only articulate and strategic but also filled with hope. The gains in currency stability, reduced inflation, and improved investor confidence all point to one thing, Ghana is back on track,” he said.

Highlights from the 2025 Mid-Year Budget Review

The 2025 Mid-Year Budget, presented under the theme “Sustaining Progress, Protecting the Ghanaian”, detailed notable improvements in key economic indicators:

On Cedi Stabilization, the Finance Minister said, Ghana cedi has appreciated steadily against major trading currencies. The cedi-to-dollar rate, which hovered around GH¢14.50 in early 2025, has strengthened to about GH¢11.20, representing a significant gain in currency value.

In respect of credit rating upgrade, Hon Forson indicated that Ghana’s sovereign credit rating has improved from junk status to a “B-” rating, reflecting increased investor confidence and macroeconomic stability.

Touching on inflation decline, the Minister explained that inflation has dropped from 38.1% at the end of 2024 to 25.4% as of June 2025, with the Finance Minister projecting a single-digit inflation target by early 2026.

The fiscal consolidation of the budget deficit, he noted has narrowed to 5.8% of GDP, down from 7.3% in 2024, while government spending has been refocused on infrastructure, health, and education.

Ghana’s foreign reserve growth, according to Hon Ato Forson have risen to $6.3 billion, representing over 3 months of import cover, compared to $4.1 billion in the same period last year.

In this, Hon. Vondee praised President Mahama’s renewed directive encouraging citizens and businesses to prioritize the use of the Ghana cedi in daily transactions.

“Our identity is tied to our currency. The cedi is who we are, and President Mahama’s call for trading in our local currency is one of the best decisions. It boosts confidence and strengthens our economic independence,” he stressed.

Touching on infrastructure, the MP endorsed the Mahama-led administration’s renewed focus on road development as a strategic pillar for economic transformation.

“When you travel to developed countries like the U.S., Canada or the U.K., you’ll see that infrastructure is what defines their development. President Mahama’s focus on road construction, especially if 10 kilometres of road can be built annually in each constituency, will revolutionize access and productivity,” he noted.

Reaction to Minority Walkout

Reacting to the minority’s walkout during the budget session allegedly over a blocked statement on electoral violence, Hon. Vondee defended the decision of the Speaker of Parliament, Rt. Hon. Abbas Manakawi, to disallow it during budget proceedings.

“The Speaker acted wisely. That wasn’t the time for such a statement. Walking out over that shows misplaced priorities. A responsible MP should stay and listen to a budget that affects the lives of their constituents,” he said, describing the protest as “distasteful and unfortunate.”

Hon. Vondee expressed optimism that Ghana’s economic trajectory would continue upward under the current administration.

He urged Ghanaians to remain hopeful, support local initiatives, and work together to build a stronger economy, stating, “Things are going well and will continue to go well. We are witnessing the beginning of a transformation that will benefit all Ghanaians.”