Ghana will no longer record fiscal deficits over 5% and high public debts – President Akufo-Addo

Ghana’s President, Nana Akufo-Addo, has said that the country will no longer record high public debts, high fiscal deficits, high interest rates, rapidly depreciating currency, erratic power supply.

He said that during his tenure as President of Ghana he will ensure that such high debts and poor living conditions of Ghanaians will not be a feature of his government.

He added that his government will continue to be fiscally disciplined in order to improve the country’s macroeconomy which started in the last two years.

“Indeed, we will, in this meeting of Parliament, legislate a fiscal rule that will outlaw any attempt by Government to generate a fiscal deficit in excess of 5%, in any given year,” he said.

“I intend also to establish, shortly, a Presidential Fiscal Advisory Council, composed of reputable economists, which will monitor the performance of fiscal management policy, and advise the President on appropriate measures to be taken to ensure fiscal discipline,” he added.

The President who was speaking at the 7th Association of Ghana Industries (AGI) Ghana Industry Awards, over the weekend said even though Ghana’s position has significantly improved on the latest World Bank Index of Doing Business there is still a lot of work to be done to meet the goal of Ghana disposing of the most business-friendly environment in Africa, and, indeed, of the world.

“The AGI and Government should work hand-in-hand to improve the business environment and achieve this goal. I would also urge our domestic businesses and industries to aspire towards meeting quality standards for their products and services, in order to be able to integrate easily into global markets,” he said.

He further urged all private sector players to show their commitment by contributing their quota to the transformation of the Ghanaian economy.

“Creating wealth and prosperity for the majority of our people is a shared responsibility. My government is a listening one, and I encourage stakeholders to utilize the public-private dialogue platforms, soon to be institutionalized by Government, to address issues of mutual concern in achieving the economic and industrial transformation of our country.”