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Business News Mon, 27 May 2019

'We won’t compromise fiscal discipline' - 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 17th Ghana Club 100 at a dinner held at the Jubilee House ahead of the 18th 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 18th 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.”

Source: dailyguidenetwork.com