President John Dramani Mahama says Ghana’s economy is steadily recovering, crediting the progress to his administration’s prudent economic management and policy direction.
He noted that his government is focused on fiscal stability, increased domestic revenue mobilisation, and efficient public spending.
According to him, the close collaboration between the Ministry of Finance and the Bank of Ghana is helping to tame inflation, stabilise the cedi, and pursue debt restructuring to restore confidence and fiscal space for development.
“With equity, innovation and dignity in macroeconomic recovery and fiscal governance, Ghana’s economic outlook is rebounding steadily. My administration remains committed to restoring macroeconomic stability through prudent fiscal management, enhanced domestic revenue mobilisation, and expenditure rationalisation,” the President said at the Ghana-European Union Partnership Dialogue on Tuesday, June 17.
He added, “Working in partnership with the Bank of Ghana, we are stabilising inflation, stabilising the cedi, and pursuing debt restructuring strategies to restore confidence and rebuild the fiscal space for development.”
President Mahama said these measures are yielding results, evidenced by a recent rating by American credit-rating agency, Fitch, which revised Ghana’s outlook to B- with a stable outlook.
“These efforts are yielding fruits, and only yesterday, the Fitch rating agency upgraded Ghana’s credit outlook to B- stable,” he stated.
He further disclosed that government is also implementing regulatory and institutional reforms to improve transparency and expand the country’s fiscal base.
“We’re also pursuing regulatory and institutional reforms that promote transparency, reduce inefficiencies, and expand our fiscal base. We appreciate the EU’s ongoing support in public financial management, domestic revenue reform efforts, and anti-corruption. All these are essential pillars for sustainable growth,” he stated.
