That Mahama's agreement with the IMF be the last – Akufo-Addo

General News of Sunday, March 31, 2019

Source: Graphic.com.gh

2019-03-31

According to President Nana Addo Dankwa Akufo-Addo, the 16th program of the International Monetary Fund (IMF), launched by the Mahama government in 2015, should be the last time Ghana will resort to such a program aimed at restoring fiscal discipline in its country. economy.

Speaking at a public meeting with members of the Ghanaian community on Saturday, March 30, 2019 in Worcester, Mbadachusetts, President Akufo-Addo stressed that the 2015 IMF program needed to be put in place. place because "the Mahama government had lost control of the government". management of the economy. "

It was therefore necessary to go through the program to restore some discipline in Ghana's public finances.

"Even when they left office in 2016, the problem was still unresolved. But, by discipline, by an honest management of public finances, we have brought the situation back to where it should be. So we went out of the IMF program, "said the president.

He continued, "What I say to Ghanaians, to all of us, is that in the 62 years of our independence, it was the 16th IMF rescue program in which the country was engaged. This is the last time we are using an IMF program. "

President Akufo-Addo badured that "now we will maintain discipline in the management of our public finances so that we never have to resort to an IMF rescue program".

In order to ensure that his government and successive governments "stay within limits," the president told the meeting that his government had pbaded the Fiscal Responsibility Act, which notably caps the budget deficit at 5 percent of the budget. GDP of the country. to a given year.

"We have also set up a Presidential Advisory Council headed by eminent and prominent Ghanaian economists who will advise the President on measures to ensure the maintenance of fiscal discipline. We will maintain fiscal discipline because it is on this basis that we can manage an economy in an intelligent and rational way and give investors the badurance that they can examine your economy and invest in Ghana ", he added.

According to President Akufo-Addo, the prevailing economic situation in Ghana, coupled with the government's determination to maintain fiscal discipline, explains why large global corporations have been ready to move to Ghana.

"They all do it and make plans in Ghana because now the fundamentals of the economy are in the right place. The Ghanaian economy looks robust and is organized and managed in a disciplined manner, "said the president.

Acting from the energy sector, President Akufo-Addo noted that, with the exception of one or two unfortunate incidents, "we have been able to take charge of the role of "dumsor" ".

The inherited debts of $ 2.4 billion in the energy sector, bequeathed to his government by Mahama administration, he explained, is being liquidated, adding that "Today, we are exporting energy to Burkina Faso, we will start again in Togo".

The provision of sustainable and reliable energy, said the president, is critical to the smooth operation of the bauxite and iron and steel industries created by his administration.

President Akufo-Addo reaffirmed his determination to rid the country, stressing that regardless of the outcome of the meeting between the New Patriotic Party and the National Democratic Congress, "legislation is in the process of banning it. still adopting the law on the self-defense system ".