First and foremost, we would like to use this opportunity to commend President John Mahama led government for the 2025 Budget, capturing few of their policies and programmes(about 10%) that they promised the Ghanaian people during the 2024 general elections.
However, there are some weaknesses and inconsistencies contained in the 2025 Budget that Ghanaians need to know as follows:
1. Resetting the Economy and Creating Prosperity for All(Chapter 1 of 2024 Manifesto of NDC). According to the 2024 Manifesto of the NDC, to achieve macro-economic stability, restore fiscal and debt sustainability for long-term economic growth and prosperity, they will:
(a). Scrap the import duty on vehicles and equipment imported into the country for industrial and agricultural purposes. Unfortunately, nothing was heard about the scrapping of the aforementioned tax regime in the 2025 Budget.
(b). Reduce food inflation to lower the high cost of living in the country through agriculture for economic transformation(point 9 of page 3 of 2024 Manifesto of NDC.
However, in terms of resource allocations to Key Policy Initiatives and Interventions of Mahama’s government, only 1.5 Billion Ghana Cedis was allocated to Agriculture for Economic Transformation Agenda (AETA) of which Feed Ghana Programme, Ghana Grains Development Project, Vegetable Development Project and Nkokor Nketenkete are all key components of the 1.5 Billion Ghana Cedis.
Meanwhile, Ghana Gold Board(GoldBod), a national looting agenda also aimed at creating monopoly of gold trading business in Ghana was allocated US$ 279 Million at current(23/03/2025) Cedi equivalent of over 4.3 Billion Ghana Cedis.
So, now John Mahama and the NDC want to tell Ghanaians that the purchase, selling, export and import of gold is highly essential and Paramount than Food and Agriculture in the Country, and that the trading of gold is superior to Food and Agriculture when it comes to the GDP of Ghana. This is serious a terrible error in judgement thinking that GoldBod is important than Food and Agriculture.
Absolutely, there is no Country around the world that the budgetary allocation for Food and Agriculture is far less than the budgetary allocation of gold trade.
The decision of Mahama’s government to allocate more financial resources to GoldBod at the detriment of Food and Agriculture can best describe as a criminal enterprise committed against the citizens of Ghana. Food and Agriculture is undeniably more important than gold for human survival and well-being. When it comes to the growth of GDP, gold trading doesn’t come close near to Food and Agriculture.
(c). Prioritise investments in the productive sectors of the economy (point 1 of 1.1.2 of 2024 Manifesto of NDC). Sadly, the 2025 Budget of Mahama’s government woefully FAILED to allocate significant investments in the productive sectors of the economy.
(e). To manage the Exchange Rate, lower Inflation, the government will review the Foreign Exchange Act 2006(Act 723), under point 2 of 1.2.2 of 2024 Manifesto of NDC.
However, in the 2025 Budget, Mahama’s government is now telling us under 131 and 132 sections of the 2025 Budget Speech that, the establishment of the GoldBod would be the key measure to stabilize the exchange rate (Cedi Depreciation), inflation and fuel prices.
The big question is, how would the GoldBod with a budget of $279 million (over 4.3 Billion Cedis at current rate of 23rd March 2025) help Ghana to stabilize exchange rate, imported inflation and fuel prices?
Has even Guyana that John Mahama’s government is blindly copying their GoldBod initiative been able to stabilize its currency, inflation and fuel prices with the trading of gold business?
(f). Roll-out of “the Big-Push”
In accordance with section 191(ii) of the 2025 Budget Speech, the government would roll out the implementation of US$10 Billion “Big Push” policy for strategic infrastructure development to open up the country and drive sustainable economic growth and transformation under the 24-hour economy policy. But unfortunately under 195 of the same 2025 Budget Speech, only 13.85 Billion Ghana Cedis(around US$ 900 million) was allocated for the Big Push Programme. Who is John Mahama’s government deceiving?
2. Set up Ghana Gold Board (GoldBod) to regulate the small-scale mining sector, and this board will restructure the small-scale mining sector(point 15 under 4.3.2.1 of the 2024 Manifesto of the NDC).
However, deliberately, erroneously, and diabolically under 191(iii), the primary objectives of the GoldBod are as follows: “shall regulate, oversee, monitor, and undertake the purchasing, assaying, refining, exporting, selling, and other related activities concerning the gold resources of Ghana.”
This is completely crazy, ridiculous, and unwise strategy to create useless monopolization for the gold trading industry in the Country.
How do you rationalise the Gold Purchase Programme(point 4 of 1.2.2 of 2024 Manifesto of NDC) with the establishment of a Monopoly Entity of GoldBod?
What is the interest of a Socialist Political Party with predominantly capitalist gold trading industry as a key operator instead of being a regulatory body?
What would then be the use of Minerals Commission, Ministry of Lands and Natural Resources, and the Minerals Income Investment Fund (MIIF) and the role of Private Sector as enshrined in Article 36 of the 1992 Constitution of the Republic of Ghana if the senseless intents and purposes of Ghana Gold Board are implemented?
Again, the Minister of Finance, Hon. Ato Forson stated that, “the government will abolish the 1.5% withholding tax on winning of unprocessed gold by small-scale miners” under section of 141 of the 2025 Budget Speech. Why then should the government turned around to increase the Growth & Sustainability Levy from 1% on the gross production of mining companies to 3% under the same 2025 Budget?
Respectfully, does it make sense politically, socially, and economically for a Socialist government of NDC to allocate feeding cost per meal per child per day to 2 Ghana Cedis while GoldBod enjoys an overwhelming budget of over 4.3 Billion Ghana Cedis?
… Signed…
Kwabena Owusu Junior
Chief Executive Officer
UP Tradition Institute