Finance Minister Dr. Ato Forson met with over 22 bank leaders to talk about how to improve Ghana’s economy.
They had an open and honest conversation about what needs to be done to bring stability to the economy and encourage long-term growth. To achieve this, the government plans to reduce spending and limit its expenses to the same levels as in 2023.
Their goal is to reach a primary surplus of 1.5%, which means the government’s income will exceed its expenses, excluding interest payments on debt.
To maintain financial discipline, the Finance Ministry will propose a new law in Parliament. This law will set a limit on how much debt the ministry can take on, preventing overspending.
Regarding the Domestic Debt Exchange Programme (DDEP), Dr. Forson assured that the government has no plans to default on its payments. All remaining creditors have been paid, and the government has set aside enough money to meet its DDEP obligations for the year.
The government is also trying to reduce its dependence on Treasury bills and improve coordination between its financial policies and the Bank of Ghana’s monetary policies.
Dr. Forson emphasized that they are committed to ensuring stability and will not repeat the financial difficulties faced in 2022.
He acknowledged the importance of working closely with the banking sector to build a strong financial system. The Minister welcomed the support of the Bank of Ghana Governor, Dr. Johnson Asiama, and his deputy, noting their commitment to aligning monetary and fiscal policies.
Dr. Forson also expressed his gratitude to Mr. Kwamina Asomaning, President of the Ghana Association of Banks and CEO of Stanbic Bank Ghana.
Mr. Asomaning praised the government’s budget efforts and pledged to promote financial inclusion and support capital markets.
The Minister concluded by saying that the meeting was a reminder that everyone must work together. By rebuilding trust, practicing financial discipline, and collaborating closely, Ghana can achieve a stronger and more stable economy.
Source: Edyspromotions.com
