In order to maintain Ghana’s economic recovery, the Cabinet has authorized additional economic measures.
The decision was made with the intention of tightening spending and further solidifying growth stability.
On October 20, President Nana Addo Dankwa Akufo-Addo and his Cabinet commenced a three-day retreat to discuss the nation’s economy and the humanitarian catastrophe that has affected numerous areas of Lower Volta due to the leakage of the Akosombo and Kpong Dams.
Following the completion of a staff agreement, the International Monetary Fund approved Ghana’s next tranche of $600 million in balance of payment support, which precipitated the retreat.
Following the three-day cabinet retreat at Peduase Lodge, Information Minister Kojo Oppong Nkrumah gave a press conference, expressing Cabinet’s satisfaction with the PC-Peg implementation’s outcomes.
“The major item cabinet was considering was the economy. Firstly, to examine the implementation of post-crisis economic growth. The PC-Peg was examined to determine whether or not it was bearing the fruits that we were looking for. And secondly, to see if there are any consequential decisions to be made. The first thing that the cabinet did was to take note of the implementation of the progress of the PC-Peg and the cabinet was pleased with the results so far– The relative stability that is returning to the Ghanaian economy and the relative recovery. As you can notice, inflation is coming down, currently about 38%, it’s still high, but there’s a combination of efforts to ensure that it comes down a bit more. The cedi is largely stabilised. The International Reserves position is gradually improving and most importantly, fiscal consolidations are being achieved. Between last year and this year, it’s been achieved.”
He emphasised, “Growth and jobs are also picking up and expect more jobs, particularly, for the young people. The cabinet took note of the progress of the implementation post-crisis for economic recovery. This is a programme we are developing, and we needed IMF support. Cabinet is pleased with the implementation. Cabinet has also approved some further economic measures, aimed at further consolidating the stability that we are beginning to see and ensuring that we get a lot more growth expansions and jobs. 2024 is about deepening the stability.”
“We are also trying to bring some spending controls. That means that we are going to be tightly spending within the revenue limit of the country,” Mr. Oppong Nkrumah added.