Government repeated its decision to make difficult choices in implementing recommendations that would emerge from the on-going National Economic Dialogue.
Dr Kwesi Nduom, Minister of Economic Planning and Regional Co-operation, said this when he gave an overview of proceedings at the first day of the National Economic Dialogue in Accra.
Dr Nduom said though the previous government was anxious to effect an economic turnaround, it failed to take bold and drastic decisions reached at the National Economic Forum in 1997.
"The government did not have the will to implement the fine decisions that were arrived at that forum. However, we intend to put in place mechanisms that will ensure that implementation is effected in phases."
The Dialogue is being attended by civil society, players in the private sector, NGOs, political parties and other development partners. It will set targets that would guide government's economic policy formulation.
Dr Nduom announced that the banking sector would on Tuesday come out with a package to bail out government from the domestic debt overhang.
He did not elaborate but said that a significant portion of the debt will be transformed into short-to-long-term treasury bills and bonds to free government from the current stringent repayment terms.
Dr Kofi Konadu Apraku, Minister of Trade and Industry said government would ensure that recommendations reached at the conference would be fully implemented.
He said the missing of targets in the National Economic Forum in 1997 would be avoided.
