President John Mahama has stated that government will continue to regulate its expenditure as it aims to achieve fiscal consolidation within the three years under the International Monetary Fund (IMF) program.
“We have a strong commitment and I have a personal resolve as President to achieve fiscal consolidation over the next three years in which we are in an IMF programme. We already are seeing much success in the first four months of 2015 and we will sustain this success,” said the President.
According to him, efforts are being made to improve the country’s fiscal performance which the IMF commended during its first quarter review of the economy.
“We are working to reign in expenditure in order to achieve the deficit target we have set for ourselves this year of 7.5%. In the meantime, we are working to diversify our economy to add value and transform our economy.”
Ghana is currently under a 918 million dollar economic program with the Briton Woode’s institution to help it correct major economic setbacks facing the country.
Speaking at a Ghana- Mauritius business forum as part of a three-day working visit to the country, President Mahama was hopeful that achieving such fiscal targets will enable the country attract foreign investments.
The President was also convinced Ghana’s economy is doing well; saying, “despite current challenges, Ghana’s fundamentals remain very robust. Average GDP growth rate of between 5 and 6%.”
He expressed government’s commitment to continue to develop Ghana’s power system, adding that the medium plans currently being enrolled by government will increase access to power supply which currently stands at 76 percent.
He added that the country’s generation capacity is also expected to increase by about 3000 Megawatts.
Meanwhile, Finance Minister for Mauritius, Seetanah Lutch-meena-raidoo has declared his intention of investing in Ghana’s marine industry considering the numerous potentials of Ghana’s marine industry.