Following the successful conclusion of Ghana’s $3 billion contract with the International Monetary Fund, President Nana Addo Dankwa Akufo-Addo has disclosed plans to borrow again on the global market to finance infrastructure projects.
Mr. Akufo-Addo stated during a speech at the Qatar-Africa Economic Forum in Doha that even though his administration is not in a hurry to re-enter the global market, it makes sense to benefit from it now and save some money.
“We have positioned ourselves to be able to go back into the International market which had been a source of funding for us during the first three or four years of our government,” the president said, adding that, “there is no rush but obviously why not take advantage of global savings, it makes a lot of sense to me. We will try as much as possible to maintain the discipline which is required and the most important requisite for a successful programme.”
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.
Ofori-Atta emphasized the need of income strategies and smart expenditure management in achieving financial stability and sustainability during a press conference on Thursday, May 18.
He also welcomed the budget’s measures for increasing revenue, notably the enhancements made to the Ghana Revenue Authority (GRA), which are anticipated to supply the funds required for the advancement of the nation.
“There is no rush in going back to the international capital market. Our expectation is that, by managing our expenditure and increasing our revenue, we will have the resources to address our needs.”
Source: Citinewsroom
