This report explores the key projected government policies and regulatory interventions which may impact financial services, capital markets and regulated funds in 2025. The insights in this report are intended to provide a useful outlook to assist market participants navigate the evolving environment. The insights here are built on the key analysis of our 2024 report, taking into account the significant events and shifts that have occurred over the past year.

2024 Review – Reflections

Outcome of elections

The country went to the polls in December 2024 to elect a new president and members of parliament. The National Democratic Congress (NDC) led by John Dramani Mahama won both the presidential and parliamentary elections. The New Patriotic Party (NPP) had been in power for the last 8 years, with a parliamentary majority which had reduced to a slim majority after the 2020 elections. President Mahama was sworn into office on 7 January 2025. The President is in the process of forming his government.

New policy objectives

As the new administration takes shape, the economy remains a critical focus and analysts are closely monitoring how President Mahama's administration will address the pressing challenges facing the economy. The Minister for Finance is expected to present the 2025 budget statement and economic policy to Parliament latest by end-March 2025. In the meantime, analysts are looking to the NDC’s 2024 campaign manifesto titled “Resetting Ghana” (the NDC Manifesto) for the new government’s policy direction. The NDC Manifesto indicates that the new government’s key fiscal policy objectives will include enhancing revenue mobilisation, reducing government expenditure, reducing public debt to sustainable levels, increasing capital investments to spur economic growth and job creation, and reducing the fiscal deficit progressively. See the key highlights of the manifesto under ‘2025 Outlook - The Year Ahead” below.

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