President Nana Addo Dankwa Akufo-Addo has pledged to maintain the discipline, and bring progress to Ghanaians.
To achieve this goal, government he said has decided to institute a legal framework to help with the discipline.
‘’We have passed the Fiscal Responsibility Law, Act 982, capping the deficit at 5% by law.’’
The president said, ‘’we know election years would come around, and there will be pressure on government to splurge, and persuasive arguments will be made that you have to stay in government to be able to implement your programmes. However, I am bent on running a responsible administration, mindful of the next generation, and not merely the next election.’’
According to him, his administration in 2018 issued a US$2 billion Eurobond for 30 and 10 years of US$1 billion each with coupon rates of 8.627% and 7.62% respectively, and these were the lowest rate and the longest maturity in our history, signifying confidence in the economy.’’
Revenue mobilization he explained posses challenge in the management of Ghana’s economy, with the tax exemption policy in particular proving to be an Achilles heel and a growing menace to fiscal stability and revenue generation.
In touting the achievement of the NPP he said, ‘’our efforts are bearing some fruits, and the world has taken notice of the improvement in our economic fundamentals in September last year, after almost a decade, we received our first Sovereign Credit rating upgrade from Standard and Poor’s (S&P).
President Akufo-Addo said his administration will do something about tax exemptions, by introducing suitable measures that may disrupt the easy and comfortable arrangements that many have become accustomed to, but which we have to take ensure that we have the firmest of foundations for the economic take-off that has escaped us for long.’’
Interest rates he said are declining and record from the Central Bank said Ghana recorded a surplus in 2017 and so, ‘’it comes as no surprise therefore, that, today, Ghana is the leading The recipient of Foreign Direct Investment in West Africa.’’
The fundamentals he said have to be strong if the economy is to flourish.