Business News of 2014-07-17

Donor partners have neglected us - Prez Mahama

President John Mahama is lamenting the posture of development partners to Ghana’s home grown fiscal stabilization policy. This comes a day after the minister of finance Seth Terkper asked parliament to approve over 3 billion dollars as Supplementary Budget Estimate for the year.

According to government, global and domestic economic environment have necessitated the revision of the country’s macroeconomic framework, including overall real GDP growth, inflation target, overall budget deficit target among others. Some financial analysts and economists have called on the government to go for a bailout from the International Monetary Fund (IMF).

But President Mahama speaking at a meeting with paramount Chiefs at the National House of Chiefs in Kumasi said government expected some more support from development partners for its home grown fiscal stabilization policy.

“We however must learn to pull ourselves up by our own bootstraps; it is in challenging things that one needs their best friends, unfortunately our development partners have not been as responsive to our home grown fiscal stabilization policy as I would have hoped” , he stated.

President Mahama said the Senchi report is being finalized and will be made public soon. ” As head of the strategic advisory team we have drawn concrete plans and strategies to guide the implementation of the report and thereby keep Ghana on the path of growth and prosperity…lets all get to work the time for talking is over”, he added.

According to President John Mahama, government expects some gains on the economic front by close of year describing it as a turn-around year.

“Our medium term prospects are very bright and positive…I have had to approve strong but unpleasant measures to increase revenue and reduce expenditure…this year is a turn-around year, we will begin to feel the effects of an economic recovery by the end of this year”.

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