President Nana Addo Dankwa Akufo-Addo has announced that his government will start making drastic spending cuts in order to comply with the IMF’s requirements.
According to him, his administration is keen to reverse the nation’s fortunes and will take all necessary steps to ensure that the faltering economy is revitalized.
“Rationalisation of our expenditure, rationalization of government expenditure is something that we have given the assurance. Domestic revenue mobilization is absolutely critical for us and already we are seeing signs.
President Akufo-Addo expressed confidence that the IMF bailout will assist to rebuild the Ghanaian economy while speaking at the Qatar-Africa Economic Forum in Doha.
“We have a fiscal responsibility law in Ghana that has pegged our fiscal deficit at 5 percent but already we are way above that and the sooner we can bring that to more acceptable levels the better for us.”
According to President Akufo-Addo, Ghana will soon return to the international market to borrow money to finance significant infrastructure projects. He continued by saying that it makes sense to capitalize on the market today even though his government is not in a haste to jump back into the global market.
Ghana’s commitment to fiscal restraint was reiterated previously by the Finance Minister, Ken Ofori-Atta, who also declared that Ghana will not hurriedly seek to borrow money from the foreign capital market.
