- Nana Akufo-Addo has assured that his administration will continue to maintain fiscal discipline in the aftermath of the exit of the International Monetary Fund (IMF)
- He noted that if Ghana is able to stay disciplined, it will enjoy the benefits in the long term
President Akufo-Addo has reiterated that his government will maintain fiscal discipline even after Ghana exits the International Monetary Fund (IMF).
According to him, although it won’t be easy, government will do its best to ensure that Ghana lives within its means.
“It is about a fundamental and basic matter all of us as Ghanaians have to bear in mind, and that is discipline in the management of our public finances,” he said while addressing members of the Ghanaian community resident in Valletta, Malta.
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“It’s not easy to say that you have to live within your means but if you want to be able to do big things, you don’t spend money that you don’t have, that is always the road to chaos.”
“We have to learn that discipline in the management of our public finances has now to be the basic element for the building of our economy, and that’s the lesson that the latest bailout program from the IMF should impress upon all of us.”
Ghana is set to exit the IMF’s Extended Credit Facility programme in April 2019, after entering the deal in 2015.
President Akufo-Addo announced that government will not be returning to the IMF after the country exits the programme.
He said his government has managed to bring the fiscal deficit under control, from around 7.3% 3.9%.
“It is my intention that we keep it there. We keep it there because it is the signal to investors, it is the signal to those who look at the fundamentals of your economy, that the basic elements of that economy are in a good state,” Nana Addo stressed.
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He said Ghana’s ability to attract companies like Volkswagen and Nissan, Synotruck, Renault, Suzuki is because there is “a discipline and systemic management in our national economy and its public finances.”
“If we are able to project that discipline, the benefits to us are going to be very rapid and very dramatic, and that transformation of our national economic structure, which all of us are waiting for, will be very soon around the corner,” the president added.
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