President John Dramani Mahama has predicted that Ghana will come out of its International Monetary Fund, (IMF) prograyear and emerge with a more robust economic outlook.
He said as President he has had to take very bold decisions to properly position the economy, aware also that the consequences for a collapsed economy would be too dire to imagine.
“In 2013 we were running a budget deficit of close 12 percent; rising inflation; a depreciating currency and spiraling interest rate. This created a negative outlook for both domestic and international investors. Our major strategy in the short term was to reduce the budget deficit and to tame inflation. To achieve this we needed to implement some difficult decisions, including controlling expenditure, removing unsustainable subsidies and increasing revenues.”
President Mahama pointed out the government had done exceedingly well in the area of restoring socio economic infrastructure – access to potable water, extension of electric power supply, improvement of health facilities, expansion of access and quality of education and rehabilitation of road networks. improvement of health facilities, expansion of access and quality of education and rehabilitation of road networks.