KPMG/UNDP 2025 Pre Budget Survey

As the country navigates economic challenges, the global outlook blends optimism with uncertainty. The IMF’s January 2025 World Economic Outlook forecasts steady global growth at 3.3% for 2025 and 2026, slightly below the historical (2000–19) average of 3.7%. This growth is supported by resilience in the U.S. and emerging markets but moderated by global economic policy uncertainties and geopolitical tensions.

On the domestic front, the Central Bank's January 2025 MPC release celebrates a robust 6.3% real GDP growth in the first three quarters of 2024, up from 2.6% the prior year, driven by gold production, trade, and private sector credit, while inflation dipped marginally to 23.2% in February 2025 from 23.5% in January 2025, and the monetary policy rate held steady at 27%.

This context sets the stage for the 2025 Pre-Budget Survey Report, a collaborative endeavour between KPMG and the United Nations Development Programme (UNDP). Each year, we engage a diverse array of businesses across  sectors to distil their insights on economic conditions and their expectations for the national budget.

This year’s report arrives at a moment of renewed hope, as Ghana’s new administration, led by His Excellency President John Mahama was given a historic mandate for economic transformation.

The survey findings highlight strong optimism, with 80% of respondents confident that the Government’s 2025 policies, as set to be outlined in the upcoming budget statement, will spur economic recovery.

This optimism is rooted in expectations of tax reliefs—over 50% of respondents call for the abolition of the e-levy and COVID-19 levy—and the transformative potential of the 24-hour economy, with more than 70% anticipating job creation and prosperity from a successful implementation.

Abolishing the e-levy and COVID-19 levy presents significant fiscal challenges, including an estimated revenue shortfall of GHS 6.4 billion. Respondents offer pragmatic solutions: unlocking property tax potential through digital cadastral mapping and tiered rates, broadening the tax base by taxing the informal sector, and prioritising expenditure reduction, among others.

These recommendations signal a desire for a budget that balances relief with fiscal sustainability, setting the stage for inclusive growth.

Sustainability emerges as a basis for this year’s discourse, with respondents elevating Sustainable Development Goals (SDGs) such as Decent Work and Economic Growth, Quality Education, and No Poverty as critical priorities. 

This shift underscores a belief that jobs, skills, and equity are the engines of progress, a perspective echoed in the Government’s plans for agricultural modernization, youth empowerment, and educational reform.

On the Environmental, Social, and Governance (ESG) front, businesses are embracing change, driven by regulatory trends and stakeholder expectations. There is  intensified call for action against illegal mining, investment in renewable energy, and enhanced access to sustainable finance.

The right tone has been set. President Mahama’s declaration to fix the economic crisis and address longstanding challenges offers a bold vision that mirrors the survey’s insights. Businesses are not merely spectators; they are active partners, ready to collaborate in building a 24-hour economy, advancing sustainability, and fostering prosperity.

The 2025 budget stands as a canvas to paint this shared ambition, blending innovative policies with practical measures to deliver on the Government’s mandate.

At KPMG, we are inspired by the possibilities ahead. This report is more than a collection of data—it’s a roadmap for a thriving Ghana, where economic recovery lifts all boats, and sustainability secures the future.

We stand ready to support the Government in translating these insights into action, offering our expertise to design policies, strengthen systems, and forge partnerships that deliver tangible results for the people of Ghana. Together, let us seize this moment of promise and build a nation that shines as a beacon of hope and progress.