In line with the new government’s agenda, we expect significant policy and regulatory reforms affecting the focus sectors. With Ghana requiring approximately USD 37.2 billion annually over the next 3 decades to meet its infrastructure needs, and driven by the government’s “Big Push” infrastructure agenda (the USD 10 billion national infrastructure development programme geared towards boosting economic growth and creating sustainable jobs), the new government is expected to commence new and continue existing infrastructural projects across all sectors including the focus sectors.

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However, the ongoing IMF programme and the proposed scrapping of certain taxes including the e-levy and COVID-19 levy (both expected to cost the government over GHS 6 billion in lost revenue in 2025 alone) are some of the financial constraints likely to be encountered in the implementation of the “Big Push” agenda. Pending the presentation of a substantive budget statement and economic policy for 2025 (the 2025 Budget) for parliamentary approval, Parliament approved the Expenditure in Advance of Appropriation for January to March 2025 on 2 January 2025 (the Mini Budget). Under the Mini Budget, the government is expected to continue existing programmes and projects for the first quarter of 2025.

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We would also expect, as indicated in our 2024 outlook, that the ongoing IMF programme and global energy transition, would significantly impact the energy, extractives and infrastructure sectors.