President Nana Akufo-Addo has announced that his government would begin what he termed as rigorous expenditure cuts to meet the conditionalities attached to the $3 billion bailout by the International Monetary Fund (IMF).
The president stated that his administration is eager to turn the country’s fortunes around and will do everything possible to resurrect the country’s ailing economy.
The president spoke at the Qatar-Africa Economic Forum in Doha.
Mr. Akufo-Addo expressed optimism that the IMF bailout would help the Ghanaian economy recover.
“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.
“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.”
He stated that Ghana will soon return to the international market to borrow in order to fund critical infrastructure projects.
He added that, while his government is not in a hurry to return to the international market, it makes sense to capitalise on the market now.
“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.”