The Vice-President, Mr Kwesi Amissah-Arthur, has stated that the deal reached between Ghana and the International Monetary Fund (IMF) will place the government in a better position to manage the national economy to achieve the necessary growth.
He said the Extended Credit Facility (ECF) given to Ghana, coupled with a good balance of payment, would stabilise the economy and tame inflation for economic growth to resume.
Speaking at the launch of the Ghana-Netherlands Business and Culture Council (GNBCC) in Accra yesterday, Mr Amissah-Arthur said the fall in gold and cocoa prices and the recent drop in oil prices had consequences for fiscal imbalances in the economy.
The Vice President and the acting Ambassador of The Netherlands to Ghana, Ms Caecila Wijgers, jointly launched a book titled “Doing Business in Ghana.”
Under the programme, the Vice-President stated that the government was going to restrain the growth of public expenditure through wages.
That, he added, would be done through proper capital expenditure, while others would be achieved through public-private partnership arrangement to set the grounds for the prioritisation of the expenditure programme that would seek to safeguard social expenditure.
Mr Amissah-Arthur underscored the need to improve tax collection to raise more revenue for development.
“We want to strengthen our monetary policy and the significant part of this agreement is to limit how government’s deficit is financed by the Central Bank as part of efforts to reduce interest rate,” he said.
Source: Daily Graphic