President John Dramani Mahama has disclosed that the Ghana cedi’s recent appreciation has reduced Ghana’s public debt by approximately GHS 150 billion.
He made the remarks while speaking during a high-level presidential session at the 60th Annual Meeting of the African Development Bank (AfDB) and the 51st Annual Meeting of the African Development Fund (ADF) in Abidjan.
President Mahama stated that Ghana was on track to achieve its medium-term debt sustainability targets far earlier than expected, should the cedi’s appreciation continue.
“If that trajectory continues, the target of reaching 55 to 58 per cent debt sustainability by 2028 will be reached by the end of this year, and that means that it gives us fiscal space to begin to invest in the most productive sectors of the economy,” he stated.
The President attributed this significant progress to his administration’s key fiscal and monetary interventions over the last five months, describing them as bold, necessary steps to restore investor confidence, stabilise the economy, and ensure long-term growth.
At the same event, President Mahama admonsihed African countries to collaborate and harmonise trade activities to insulate the continent from external pressures imposed through tariffs.
He posited that the lack of integration and harmonisation has left African countries vulnerable to other countries and unions to exploit through tariff imposition.
“Unfortunately the system is being appended and countries have decided to impose tariffs based on their own interest. It sends a signal to Africa that there is no free dinner anywhere”, he said.
“We must mobilize revenue locally. We must add value to our products and we must get a better share for the natural resource endowment that God has given us”.
“We must look inward and see how we can trade more among ourselves. Happily, we have the AfCFTA which majority of African nations have ratified. What it means is that we have the opportunity to trade among ourselves,” he said.
The AfDB Annual Meetings bring together African leaders, policymakers, development partners, and financial institutions to discuss strategies for sustainable development and economic transformation on the continent.
A major highlight of the meetings will be the election of a new President of the African Development Bank, as current President Dr. Akinwumi Adesina concludes his second and final term.
Dr. Adesina is ineligible to contest again, making way for a new leader to steer the Bank’s next phase of transformation.
By: Rainbowradioonline.com/Ghana
