Fiscal Deficit Will Continue to Reduce – Nana Addo
The President, Nana Addo Dankwa Akufo-Addo has assured Ghanaians that the ruling New Patriotic Party (NPP) will continue its work in reducing the fiscal deficit.
Speaking at the NPP’s Delegates Conference in Koforidua on Saturday, the President stated that the fiscal deficit which was 9.3% during John Dramani Mahama’s reign has been reduced to 6% in 2017.
“We posted an 8.5% GDP growth rate in the first year of our mandate, and there is every indication that we will repeat that this year. Indeed, the IMF is saying that we could have the fastest growing economy in the world this year, and that our prospects for positive growth are good,” he said.
The President added that, “the rate of inflation has improved from 15.4% – we are now in single-digit figures. The cedi is a more stable currency, despite its recent challenges. We have begun to restructure our debt to give us greater fiscal space. I know there are some who think these figures are meaningless. They are wrong.”
Nana Akufo-Addo has assured that the economy will be much stronger by the time government is done with the IMF programme.
He congratulated members of his economic management team for working hard to turn the economy around.
“We have to be disciplined in the management of our public finances, otherwise our aspirations for a better tomorrow will remain just that – aspiration, not reality,” the President advised.