President Nana Akufo-Addo says his government will soon roll out measures to cut expenditure to meet the conditionalities attached to the $3 billion bailout by the International Monetary Fund (IMF).
Speaking at the Qatar-Africa Economic Forum in Doha, President Akufo-Addo pledged his government will turn the fortunes of the country around and fix the ailing economy of the debt-ridden West African country.
He was confident the IMF bailout will help balance the country’s economy.
“Rationalisation of our expenditure, rationalization of government expenditure is something that we have given the assurance. Domestic revenue mobilization is absolutely critical for us and already we are seeing signs.
“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,” he said.
President Akufo-Addo added that Ghana will soon return to the International market to borrow to fund important infrastructural projects.
According him, although his government is not in a 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 stated.