President John Dramani Mahama has referred to as for fiscal self-discipline to guard the general public purse and forestall Ghanaians from enduring additional economic hardships.
In response to him, this may solely be achieved by making certain that governments don’t resort to reckless borrowing and extreme expenditure, which might undermine the financial system.
Addressing the National Economic Dialogue on Monday, third March, President Mahama lamented that he inherited a weak financial system that struggled to afford fundamental requirements from the earlier administration, led by President Nana Akufo-Addo.
In his deal with, the President pledged to revive the financial system by specializing in long-term stability somewhat than short-term options pushed by private political pursuits.
The errors of the previous should not outline our future, and I vow to do the whole lot in my energy to steer this nation in the direction of a brighter and extra affluent path. My fellow residents, I do know that the highway to financial restoration will likely be difficult, however we should not relent in our quest to rebuild the Ghana all of us need.
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He emphasised that his precedence is to revive macroeconomic stability by making certain fiscal self-discipline throughout all sectors throughout his administration:
Below my management, the independence of the Financial institution of Ghana will likely be safeguarded to implement prudent financial insurance policies that curb inflation, stabilise our forex, and rebuild our international reserves.
We mustn’t ever once more permit reckless borrowing and extreme authorities spending to undermine our progress.
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Fiscal accountability should turn out to be the bedrock of our nationwide improvement technique, and each cedi spent should ship tangible worth to the Ghanaian folks.
President Mahama additional confused the necessity to scale back single-source authorities contracts to the naked minimal:
We should overview our legal guidelines to get rid of extreme waste within the procurement of presidency provides and tasks. Single-source procurement should be the uncommon exception somewhat than the norm. We should additionally topic authorities tasks above a sure threshold to value-for-money audits.
Moreover, he reaffirmed his dedication to remodeling Ghana from an financial system closely reliant on the export of uncooked supplies to 1 that prioritises worth addition.
