Adnan Adams Mohammed
The Ghana government has assured its steadfast commitment to fiscal discipline and responsible spending inspite of pending elections on December 7, 2024.
The government through the Finance Ministry has underscored the importance of maintaining economic stability and pursuing sustainable growth amid the upcoming political season.
Ghana has a track record of managing budget overrun with huge deficits in every electioneering year. This phenomenon has become a cyclical event under every government thereby plunging the country into financial and macro and micro economic constraints. But, addressing journalists at a joint International Monetary Fund (IMF) and MoF press conference, the finance minister is optimistic of breaking the jinx.
“Despite the fact that 2024 is an election year, we are committed to enhancing domestic revenue mobilisation and tightening expenditure commitment controls to avoid policy slippages,” Dr Mohammed Amin Adam asserted.
The IMF Board’s has approved the second review of Ghana’s US$3 billion programme, which has led to the immediate release of US$360 million, bringing total disbursements to US$1.56 billion.
The Finance Minister highlighting government’s approach to change the status quo indicated: “We are committed to sustaining our macroeconomic policy adjustment and reforms to fully restore macroeconomic stability and debt sustainability while fostering a sustainable increase in economic growth and poverty reduction.”
Dr. Amin Adam outlined government’s strategic focus on enhancing domestic revenue sources and implementing stringent controls on public expenditure.
This strategy aims to prevent any policy deviations and ensure that economic policies are effectively maintained through the election year.
“This approach is crucial to maintaining economic stability,” Dr. Amin Adam asserted. “We must ensure that our policies are not derailed by the political calendar and that we continue to work towards achieving comprehensive macroeconomic stability and sustainable growth.”
