- Ghana’s Finance Minister, Seth Terkper says the country’s economy is on track to achieving stability.
- Mr. Tekper said measures employed by government have helped reduce the country’s rising expenditure.
- He attributed the new development to government’s economic turnaround strategies.
Finance Minister, Seth Terkper has stated that Ghana’s current state of the economy has made a turnaround to achieve economic stability.
According to Mr. Terkper government’s strategy put in place is beginning to yield results.
"Over the last two and half years, we have followed a path of fiscal consolidation, whilst also investing in the real and social sectors. The prospects also remain bright as the country transitions to lower middle income country," the minister told the media at a press conference Tuesday.
He also outlined some of the successes chucked by the country’s economy as follows:
“The country’s fiscal consolidation is bearing fruits, our gap between revenues and expenditures is narrowing. Our deficit has reduced from 11.5% of GDP in 2012 to a provisional 7.0% of GDP in 2015 while primary balance is expected to be positive in 2016, this is the first positive turn we have had since 2005.”
The Finance Minister, again noted that the current stability in electricity supply meant that gradually manufacturing and other economic activities will pick up in 2016.