Government committed to fiscal control measures to revive the economy – Finance Ministry

Minister of State in charge at the Finance Ministry, Dr. Amin Adam has said government remains committed to enforcing fiscal control measures aimed at restoring macroeconomic stability in the economy.

According to him, government’s decision to embark on an aggressive revenue mobilisation drive and pursuit of expenditure and commitment controls is currently yielding results towards reducing financing needs and borrowing.

“We are generating the needed the revenue to meet financial obligations and for example the first coupon payment made to DDEP participants on August 22 came largely from tax generation which falls in line with out fiscal control measures,” he said this on JoyNews’ PM Express Business edition on August 24, 2023.

Dr. Amin Adam however gave the assurance that government will not include Treasury Bill instruments as part of the Domestic Debt Exchange Programme which seeks to address Ghana's unsustainable debt levels.

The assurance also comes after the Minister of Finance, Ken Ofori-Atta said government will not include T-Bills in the debt exchange programme.

Meanwhile, government has revised this year’s [2023] projected economic growth rate target of 5.8 percent to 3.7 percent.

Finance Minister, Ken Ofori-Atta when delivering the 2023 mid-year budget review before parliament in July this year said the revision includes the heightened global pressures such as the Russia-Ukraine war which has caused the revenue measures to under perform.

“The macroeconomic environment has significantly changed, prompting the revision of the macroeconomic framework. Furthermore, based on the developments for the first six months of 2022 and the outlook for the rest of the year, we have accordingly revised the macro-fiscal targets for 2022 as follows; Overall GDP Growth rate of 3.7 percent down from 5.8 percent; Non-Oil GDP Growth rate of to 4.3 percent down from 5.9 percent; End period inflation of 28.5 percent up from 8 percent; The overall fiscal deficit of 6.6% of GDP down from 7.4%; Primary surplus of 0.4% of GDP up from a surplus of 0.1% of GDP; and the Gross International Reserves of not less than 3 months import cover,” he earlier announced.

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