Vice President Dr. Mahamudu Bawumia has said there would be the need for some major policy changes in the wake of a deal with the International Monetary Fund (IMF).
He noted that the country must adjust to new global and domestic realities after the negotiations with the IMF were over.
“Once those [negotiations with the IMF] are concluded, it will be clear that it will not be, and it should not be business as usual because we have to adjust to the new global and domestic realities,” the Vice President said.
He made the remarks as the Guest Speaker at the Standard Chartered Bank Digital Banking, Innovation and Fintech Festival in Accra on Wednesday, October 26, 2022.
At the ceremony, he underscored that the global economic environment is transitioning into the Fourth Industrial Revolution where the digital economy is taking centre stage.
He said so as we try to deal with the economic crisis globally, economies also have to re-position themselves to partake in the Fourth Industrial Revolution.
He indicated that the government is considering a number of measures to tackle the current economic challenges and ensure fiscal and debt sustainability.
“We would also implement measures to further support domestic production and reduce imports, as well as tighten our current foreign exchange regime to prevent leakages.”
He said President Nana Addo Dankwa Akufo-Addo would be addressing the nation in the coming days and will provide details of these measures to address the current economic challenges.
He added that, there is no doubt it is not going to be easy. It will require very bold, difficult, but firm decisions and these are part of the discussions that the government is having with the IMF.
It will not be business-as-usual because there have to be some fundamental adjustments to the new global and domestic realities, he said.
Vice President Bawumia also said Ghana would be working to reduce import dependency to address Ghana’s forex problems.
“It [forex] is quite loose and that is why we are going to be working to see how we can tighten the foreign exchange.”