President Akufo-Addo on Sunday evening addressed the nation on measures being taken by the government to resolve the economic challenges facing Ghanaians. Some of these measures include: "reduce our total public debt to GDP ratio to some fifty-five percent (55%) in present value terms by 2028, with the servicing of our external debt pegged at not more than eighteen percent (18%) of our annual revenue also by 2028." "Improving the revenue collection effort, from the current tax-revenue to GDP ratio of thirteen (13%) to between eighteen and twenty percent (18-20%), to be competitive with our peers in the West Africa Region". "We are aiming to restore and sustain macroeconomic stability within the next three (3) to six (6) years, with a focus on ensuring debt sustainability to promote durable and inclusive growth while protecting the poor," he added. Professor William Baah Boateng, the Head of Economics Department at the University of Ghana reacting to this has asked the President to back his words with action. Speaking in an interview on Peace FM's morning show, he believes that is the only way for Ghanaians to continue to have confidence in the ruling administration. Meanwhile, he believes the President's address will "calm the market". However, it will be for a short term. The only way it will last according to him, is if government continues with concrete measures to revive the economy.
President Akufo-Addo on Sunday evening addressed the nation on measures being taken by the government to resolve the economic challenges facing Ghanaians. Some of these measures include: "reduce our total public debt to GDP ratio to some fifty-five percent (55%) in present value terms by 2028, with the servicing of our external debt pegged at not more than eighteen percent (18%) of our annual revenue also by 2028." "Improving the revenue collection effort, from the current tax-revenue to GDP ratio of thirteen (13%) to between eighteen and twenty percent (18-20%), to be competitive with our peers in the West Africa Region". "We are aiming to restore and sustain macroeconomic stability within the next three (3) to six (6) years, with a focus on ensuring debt sustainability to promote durable and inclusive growth while protecting the poor," he added. Professor William Baah Boateng, the Head of Economics Department at the University of Ghana reacting to this has asked the President to back his words with action. Speaking in an interview on Peace FM's morning show, he believes that is the only way for Ghanaians to continue to have confidence in the ruling administration. Meanwhile, he believes the President's address will "calm the market". However, it will be for a short term. The only way it will last according to him, is if government continues with concrete measures to revive the economy.
