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MoF urged to implement policies aimed at expanding production, manufacturing, and exports to safeguard the economy

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Mr. Julius Gyimah, an economist, has advised the government to roll out policies that can help address some of the challenges confronting the economy.

He said that in the face of our challenges, there was a need for the Ministry of Finance to initiate policies that would help reduce expenditure, increase our exports, and reduce the importation of things we can manufacture here.

The economist noted that there was also a need for the government to invest in manufacturing and production as a way of stabilising and restoring the local economy to generate the growth that we want.

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He urged the Ministry of Finance to also roll out policies to reduce expenditure and maintain fiscal discipline.

He was reacting to the central bank’s loss of GH₵10.50 billion for the financial year ending in 2023.

He underscored the need for the bank to be prudent, maintain fiscal discipline, and cut down on its expenditure as part of measures to ensure it records more profit than losses for the next financial year and beyond.

As part of measures to prevent losses again in the future, he also advised the bank to avoid increasing staff allowances and expenses and suspend unnecessary expenditures to reflect the current economic situation.

Beyond these measures, he specifically advised the Ministry of Finance to put in measures to address our economic challenges.

He said the management of the economy is under the purview of the Ministry of Finance, and so they have a responsibility to roll out policies that would help us increase our exports, grow our economy, do more manufacturing, so more production, reduce or cut expenditures, and also generate the growth that we want.

When these things happen, there will be less pressure on the central bank, and the money will revolve around these measures, and I think that is what we want to achieve.

The Bank of Ghana recorded a loss of GH₵10.50 billion for the financial year ending 2023.

Data released by the bank revealed that the loss was mainly due to a substantial increase in total interest expenses on open market operations by the Central Bank.

These expenses on open market operations rose by GH₵6.7 billion during the period under review.

By: Rainbowradioonline.com/Ghana

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