The flagbearer of the New Patriotic Party (NPP), Dr Mahamudu Bawumia, has committed to prioritising fiscal discipline if he is elected President in the 2024 general elections.
In an interview with Africa Watch Magazine, Dr Bawumia outlined his plans to rationalise public expenditure and control government spending.
He also discussed his intentions to diversify the economy and decrease dependence on unstable sectors.
Furthermore, he plans to implement strategies to expand and improve revenue generation.
“A Bawumia government would prioritize fiscal discipline, implementing measures to broaden and enhance revenue generation, rationalize public expenditure, and leverage private-sector involvement in the provision of government infrastructure and services.
“A Bawumia government would also work to diversify the economy, reduce reliance on volatile sectors, maximize the benefits from our mineral resources, reform the energy sector, and move the energy-generation mix towards renewables,” he pledged.
Dr. Bawumia pointed out that the Akufo-Addo administration has already begun addressing these issues through fiscal discipline, and he noted that the economy is on the mend.
“The Akufo-Addo government has already started dealing with the problem through fiscal discipline and the implementation of a domestic debt-restructuring programme. Negotiations with external creditors are also ongoing. The good news is that the economy is recovering now, with lower fiscal deficits and a decline in the debt-to-GDP ratio,” he remarked.
The NPP flagbearer also promised to collaborate with the Bank of Ghana to implement prudent monetary policy measures that will maintain price stability while fostering economic growth.
“I agree that the interest rates are high. So, bringing down the high-interest rates is crucial for stimulating investment, promoting economic growth, and improving access to credit for businesses and individuals. My government would work closely with the Bank of Ghana to implement prudent monetary policy measures aimed at maintaining price stability while supporting economic growth.
“This may involve adjusting key policy rates, such as the monetary policy rate and reserve requirements, to influence interest rates in the economy. We will also prioritise prudent fiscal management, including controlling government spending, rationalizing subsidies, and enhancing revenue-mobilization efforts, to reduce the government’s borrowing needs and ease upward pressure on interest rates.”
