Government to peg GDP at 5% – Senior Minister

The Senior Minister, Yaw Osafo-Marfo has announced that government will soon propose a policy which will peg the country’s Gross Domestic Product (GDP) at 5%.

Speaking as a guest speaker at the 2018 Ghana Economic Forum in Accra, the Senior Minister said Ghana will introduce Fiscal Responsibility Act and Fiscal Responsibility Council to enable the country maintain the fiscal deficits at 5% of GDP which will be backed by law.

“Ghana has experienced inconsistence growth in its development over the years and we are to consolidate the gains. As a result of these fiscal slippages and inconsistence in growth, government is working on establishing the Fiscal Responsibility Council to implement the fiscal enacted. The objective is to ensure government pegs its deficit to a maximum of 5% of GDP. The law is also to prescribe sanctions for violating the previsions of the Act”, he added.

He noted that we need such disciplines to make sure that we are able to get benefits of our resources.

The Ghana Economic Forum was established seven years go to facilitate dialogue between the private and public sectors in order to improve the business environment in Ghana.

It is also designed to support the development of Ghanaian businesses and contribute to their international promotion.

The annual event brings together Chief Executives, investors and high-level government officials to deliberate on economic and financial issues.