Government Reaffirms Commitment to 120-Day Social Contract
The government has reiterated its pledge to integrate the 120-day Social Contract into the 2025 Budget, ensuring that key promises made to citizens are fulfilled. The contract, which comprises 26 major commitments, focuses on economic reforms, job creation, and social welfare initiatives.
Key Pledges in the 120-Day Social Contract
Among the standout commitments are the removal of several levies and taxes that have been a burden on businesses and individuals. These include:
- Scrapping of the E-Levy – A move aimed at reducing financial transaction costs.
- Abolition of the COVID-19 Levy – To ease post-pandemic economic recovery.
- Removal of the 10% Levy on Bet Winnings – Providing relief to sports betting enthusiasts.
- Elimination of the Emissions Levy – Supporting vehicle owners and businesses relying on transportation.
The government also plans to review import duties and levies on vehicles and equipment used in industrial and agricultural sectors to encourage economic growth.
Major Policy Introductions in the 2025 Budget
1. 24-Hour Economy Policy
The introduction of a 24-hour economy policy will boost productivity and create employment opportunities by encouraging round-the-clock business operations.
2. No-Academic-Fee Policy for First-Year Students
To enhance access to education, the government will implement a No-Academic-Fee policy for all first-year students in public tertiary institutions. This initiative aims to remove financial barriers to higher education.
3. Women’s Development Bank
A dedicated Women’s Development Bank will be established to provide financial support and economic empowerment to women entrepreneurs.
4. Job Creation and Industrial Growth
New job creation programs will be rolled out, with a focus on youth employment and industrial expansion. This is in line with the government’s vision of fostering a self-sustaining economy.
Government’s Assurance of Economic Stability
Addressing the upcoming budget, Minister of State for Government Communications, Felix Kwakye Ofosu, emphasized the government’s commitment to fulfilling its promises. He stated:
“The finance minister has indicated that they are on course to meeting those promises. When on Tuesday he unveils the details of his budget, you will find that we have kept faith with the people of Ghana regarding the specific promises we made in the 120-day Social Contract.”
Additionally, the government is set to implement long-term and medium-term measures to curb rapid currency depreciation. The finance minister, in collaboration with development partners, will outline strategies to strengthen the economy and stabilize the national currency.