By Edith Atiaka Eshun
The Chief Operations Officer of Dalex Finance, Joe Jackson, says that when the 2025 budget is viewed against the dire economic situation Ghanaians experienced in 2024, it appears promising. However, he noted that it will require significant effort to withstand challenges and address the needs of Ghanaians.
Mr. Jackson made these remarks during an engagement with members of the Tema Regional Chamber of Commerce and Industry at its second Bi-Monthly Meeting. The event was held under the theme: “The 2025 National Budget: Opportunities and Threats for Businesses in the Tema GNCCI.”
He emphasized that the GoldBod, among other initiatives, aims to revive and rebuild the economy. He, therefore, urged Ghanaians to support the GoldBod and called on the government to operate transparently and remain accountable.
The GoldBod, as introduced by the government, is a regulatory body designed to manage the country’s gold reserves, increase foreign exchange earnings, and stabilize the economy. It is also expected to eliminate illegal gold trade and smuggling, ensuring that Ghana receives its fair share of revenue from the sector. Furthermore, it aims to create a more transparent market for small-scale miners, guaranteeing them fair prices for their gold.
Mr. Jackson stated: “When you situate the budget in the context that at the end of 2024 things were very dire, I’ll say it’s the best budget we can have under the circumstances. It is a balancing act, but when you’re in a difficult place, we take difficult decisions.”
He further added: “Support the GoldBod because, if you recall, one thing the ex-president Nana Addo Dankwa mentioned during his last State of the Nation Address was that he came to meet six billion dollars in reserves and left eight billion. What he didn’t say was that at the beginning of 2024, we were down to less than a month’s worth of reserves. Yet in just one year under the Gold for Reserves programme — despite claims of corruption and losses — our reserves rose from two billion to eight billion. Let’s do the GoldBod, let’s correct the ills of the past, let’s do it with more accountability and openness. The GoldBod could be one of the saviours of this economy.”
Mr. Jackson, therefore, urged the government to oversee the GoldBod in a way that benefits Ghanaians while addressing past mistakes.
Touching on the agricultural sector, he noted that considering its size and significant contribution to the economy, the GHS 1.5 billion allocation to the sector is inadequate. Citing reports from the Ghana Statistical Service, which indicate that local food price inflation has been a major driver of overall inflation in recent months, Mr. Jackson called for the judicious use of the agricultural allocation.
“The agric sector has been a bit of a challenge. If you’ve been following reports from the Statistical Service, local food price inflation has been one of the biggest drivers of inflation in the last few months. So, when we fix the agric sector, we’re not just fixing our food supply, we’re also fixing a major contributor to inflation,” he said. “Though GHS 1.5 billion is significant, it is still inadequate given the size of the agric sector, which covers more than 40 percent of the economy, and the challenges it faces.”
He noted that some parts of the North are still suffering from last year’s crop failures and lack of rainfall. He emphasized that agriculture is not limited to traditional farming methods but includes the entire value chain.
The Tema Regional Chairman of the Chamber of Commerce and Industry, Dr. Gideon Amenyedor, acknowledged the heavy debt burden inherited from the previous administration. However, he expressed hope in the 2025 budget and encouraged members of the Chamber to seize the opportunities it presents to grow and sustain their businesses.
He said, “Stability is very important for businesses. When the cedi was depreciating, it created discomfort. But with the 2025 budget, there’s a bit of positive movement on the part of the government. We believe that with the formation of the GoldBod, prices will stabilize, and that gives hope to the Chamber.
