The government will begin rigorous expenditure cuts to meet the conditionalities attached to the $3 billion bailout by the International Monetary Fund (IMF), President Nana Akufo-Addo has disclosed.
The government, he said, is eager to turn the fortunes of the country around and will do everything possible to ensure that the ailing economy is revived.
He was speaking at the Qatar-Africa Economic Forum in Doha and expressed confidence that the IMF bailout will help revive the Ghanaian economy.
According to him, rationalization of government expenditure is something that assurance has been given on in addition to domestic revenue mobilization being absolutely critical for the country.
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He said, “We have a fiscal responsibility law in Ghana that has pegged our fiscal deficit at 5 percent but already we are way above that and the sooner we can bring that to more acceptable levels the better for us.”
President Akufo-Addo added that Ghana will soon return to the International market to borrow to fund important infrastructural projects.
He added that even though his government is in no rush to return to the international market it makes sense to take advantage of the market now.
“We have positioned ourselves to be able to go back into the International market which had been a source of funding for us during the first three or four years of our government,” he added.