We’ve steered the ship away from catastrophe despite economic crisis – Bawumia

Vice President Dr. Mahamudu Bawumia has lauded the government’s remarkable performance amid challenging global economic conditions.

Dr. Bawumia highlighted the administration’s competence and ingenuity in mitigating the impact of the economic slowdown on Ghanaians during his address in Accra on Wednesday, February 7.

He emphasised that despite adverse circumstances, the Akufo-Addo government successfully navigated away from potential crises.

Dr. Bawumia urged Ghanaians to acknowledge the prevailing global challenges and recognize the government’s efforts accordingly.

“Clearly, notwithstanding the economic crisis, this government has been able to steer the ship of the nation away from catastrophe. In the face of the crisis, the overall performance of the economy in areas such as GDP Growth, agricultural growth, industrial growth, trade balance, gross international reserves and job creation demonstrated resilience.”

“Available data also shows that, notwithstanding the challenging economy we inherited, and the global economic crisis that ensued, the government has chalked a large number of achievements across the country. Due to time constraints,” he said.

Furthermore, he outlined several policy initiatives to be implemented if elected as President in the upcoming December elections.

These include bolstering the role of the private sector, enhancing fiscal and administrative decentralisation, and optimising the functionality of systems and institutions to enhance efficiency and minimise wastage.

“’The move towards the private sector provision of many public services would create fiscal space of at least 3% of GDP. This represents a major paradigm shift.

“Additionally, an efficient system of governance will require even fewer ministers. Therefore I would have no more than 50 ministers and deputy ministers,’’ he added.

Additionally, Dr. Bawumia disclosed plans to establish an independent fiscal responsibility council aimed at reducing budget deficits and interest rates under his leadership.

“To sustainably reduce the budget deficit and interest rates, my government will enhance fiscal discipline through an independent fiscal responsibility council enshrined in the Fiscal Responsibility Act, 2018 (Act 982).”

“The Fiscal Responsibility Act will also be amended to add a fiscal rule that requires that budgeted expenditure in any year does not exceed 105% of the previous year’s tax revenue. This will prevent the experience of budgetary expenditures based on optimistic revenue forecasts which don’t materialise.”

He emphasised that under a Bawumia-led administration, there would be a concerted effort to alleviate the fiscal burden on the government by harnessing the potential of the private sector.

This strategy builds on the successful implementation and expansion of initiatives such as Free SHS and Free TVET during the tenure of the Nana Akufo-Addo government.

“With all these social safety nets in place, my government will now focus on jobs, and wealth creation by the private sector for all Ghanaians.

“My administration will incentivize the private sector to complement government in the provision of many infrastructure and other services to reduce government expenditure and improve maintenance,” he stated.

Show More

Related Articles

Leave a Reply

Back to top button