The Institute of Economic Research and Public Policy (IERPP) has questioned the accuracy of Ghana’s 2025 Mid-Year Fiscal Policy Review, citing discrepancies in economic data and omissions in critical sectors.
Senior Research Fellow Dr. Frank Bannor detailed these concerns at a press conference in Accra on Wednesday.
IERPP challenged Finance Minister Dr. Cassiel Ato Forson’s claim that non-oil GDP growth reached 6.8% in Q1 2025 reportedly the highest since 2018. According to Ghana Statistical Service records, non-oil growth in Q3 2024 stood at 8%, directly contradicting the minister’s assertion. “Accuracy in economic reporting isn’t optional it’s the foundation of sound public policy,” Dr. Bannor stated.
The institute further criticized the budget’s marginalization of Ghana’s services sector, which contributes significantly to GDP and employment.
Despite the sector’s 6.3% growth in Q4 2024 outperforming industry the review emphasized industrial expansion while omitting updated services analysis. Dr. Bannor warned: “You can’t grow jobs by sidelining the sector that creates them.”
Notable data gaps were highlighted, including the absence of revised fiscal figures traditionally updated in mid-year reviews. The budget also failed to address a steep decline in oil revenue, which fell to $370.6 million in early 2025 less than half of 2024’ period.
IERPP urged the Finance Ministry to release corrected data and transparent analysis, emphasizing that the omissions risk undermining public trust. The Mahama administration faces renewed scrutiny over economic reporting as it pursues its stabilization agenda.
