Cabinet has greenlit additional economic measures to bolster Ghana’s ongoing journey toward economic recovery. These measures are designed to fortify growth stability and reinforce fiscal discipline.
The decision was made during a three-day retreat initiated by President Nana Addo Dankwa Akufo-Addo and his Cabinet, commencing on October 20. The discussions revolved around the nation’s economy and the humanitarian crisis that arose in many areas of Lower Volta due to the Akosombo and Kpong Dams’ spillage.
This retreat followed the International Monetary Fund’s approval of the next $600 million balance of payment support for Ghana after a staff agreement was reached.
Following the Cabinet retreat at Peduase Lodge, Information Minister Kojo Oppong Nkrumah addressed journalists, highlighting the positive outcomes of the PC-Peg implementation. He emphasized the relative stability and recovery of the economy, with efforts directed at lowering the current inflation rate of 38.1%.
Oppong Nkrumah further stressed the remarkable improvements in fiscal consolidation, cedi stabilization, job creation, inflation, and international reserves.
The primary focus of the Cabinet was the economy. They assessed the progress in post-crisis economic growth, specifically examining the PC-Peg’s effectiveness. The Cabinet expressed contentment with the outcomes, acknowledging the returning stability and recovery in the Ghanaian economy. Notably, efforts were underway to lower inflation further and stabilize the cedi. International reserves were gradually improving, and fiscal consolidation objectives were being met.
In addition, the Cabinet acknowledged that economic growth and job creation, especially for young people, were gaining momentum. The progress in implementing post-crisis economic recovery was endorsed, with Cabinet’s approval of additional economic measures aimed at enhancing the stability and encouraging further growth and job creation. The year 2024 is set to deepen this stability.
The government is also focusing on tighter spending controls, ensuring that expenditures align with the country’s revenue limits.
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