‘We Won’t Compromise Fiscal Discipline’

‘President Nana Addo Dankwa Akufo-Addo

The President,
Nana Addo Dankwa Akufo-Addo, has reiterated his determination to ensure fiscal
discipline in Ghana’s economy.

“It’s
the success of the economy that will guarantee the growth of the private sector
and an improvement in the quality of life of our people. I believe we have all
now agreed that the fundamentals have to be sound if the economy is to flourish,” the President insisted.

The
President made the disclosure when he addressed members of 17^th Ghana
Club 100 at a dinner held at the Jubilee House ahead of the 18^th
edition of the event.

President
Akufo-Addo indicated that his administration is collaborating with corporate
Ghana to ensure the efficient management of the country’s economy. He stated
that his administration would continue to correct the weak economic fundamentals
for the private sector to flourish.

Touting
some achievements under his watch, he said real GDP growth increased from 3.4%
in 2016 to 8.1% in 2017; the debt to GDP ratio declined from 56.6% of GDP in
2016 to 54.8% at the end of 2018; inflation has dropped from 15.4% at the end
of 2016 to 9.5% as of April this year, interest rates have declined while also
the trade balance account debt to GDP ratio improved in 2017.”

 “These are good figures and we expect the
impressive figures and good performance to continue,” he said, adding “it’s
essential that we never lose sight of the importance of maintaining fiscal
discipline and the correct fundamentals on the economy.”

Ghana
ended the Extended Credit Facility (ECF) deal of the International Monetary
Fund (IMF) in April 2019.

The President
also launched the 18^th edition of the Ghana Club 100, which would
take place on Friday, November 8, 2019, under the theme: “Sustainable
Agriculture, the Bedrock of Ghana’s Industrialization Drive”.

“This
theme is apt, as it reflects government’s agenda of industrializing the economy
through heightened agricultural productivity,” the President said.

Noting
that government would ensure the success of its policies such as Planting for
Food and Jobs, Rearing for Food and Exports, One Village-One Dam, One
District-One Warehouse, as well as One District-One Factory policies, he added
that government would “put agriculture on the path of sustainability and
transformation.”

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