Ghana’s total revenue for 2025 is projected to reach GH¢209.3 billion, accounting for 17.2% of Gross Domestic Product (GDP), according to a new report from IC Research. This represents a significant slowdown in growth, with a 16.1% increase compared to a 33.8% rise forecast for 2024.

On the expenditure side, total government spending is expected to hit GH¢240.9 billion, around 19.8% of GDP, marking a sharp deceleration in growth to 10.4% year-on-year, down from 32.2% in 2024. The International Monetary Fund (IMF) has cautioned that the expenditure forecast assumes full debt restructuring, alongside a need for tighter expenditure controls and a strengthened fiscal responsibility framework.

Despite these changes, IC Research notes that the projected drop in the expenditure-to-GDP ratio reflects a period of consolidation, particularly following the elections.

In a separate development, IC Securities has reassured investors that Treasury bills (T-bills) will not be restructured, following the government’s stance that these securities are not included in the broader debt restructuring program. The government’s decision has helped quell concerns that T-bills, which have become a significant source of domestic borrowing since Ghana defaulted on its debt in 2022, might be targeted for restructuring.

IC Securities emphasized that T-bills remain a safe investment for short-term liquidity management, highlighting their importance for financial stability in the country.

Source:TheDotNews