Vice President Dr. Mahamudu Bawumia praised the government’s outstanding performance amidst challenging global economic conditions.
Dr. Bawumia emphasized the administration’s competence and ingenuity in mitigating the impact of the economic downturn on Ghanaians during his speech in Accra on Wednesday, February 7, 2024.
He emphasized that despite adverse circumstances, the Akufo-Addo administration successfully avoided potential crises.
Dr. Bawumia urged Ghanaians to recognize the current global challenges and acknowledge the government’s efforts accordingly. “Clearly, despite the economic crisis, this government has been able to steer the ship of the nation away from disaster.
Despite the crisis, the economy’s overall performance in areas such as GDP growth, agricultural growth, industrial growth, trade balance, gross international reserves, and job creation showed resilience.”
“Available data also demonstrates that the government has accomplished a great deal throughout the nation, despite the difficult economy we inherited and the ensuing global economic crisis. because of time restraints “he stated.
In addition, he listed a number of policy proposals that he would carry out if he won the presidency in the next elections in December.
These include strengthening the role of the private sector, improving decentralization of the budget and administrative processes, and optimizing the operation of institutions and systems to increase productivity and reduce waste.
“The shift to having many public services provided by the private sector would free up at least 3% of GDP in fiscal space. This is a significant paradigm change.
In addition, even fewer ministers will be needed in an effective governance structure. Thus, he continued, “I would have no more than fifty ministers and deputy ministers.”
Dr. Bawumia also revealed plans to form an independent council on fiscal responsibility, with the goal of lowering interest rates and budget deficits under his direction.
“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).”
“A fiscal rule mandating that budgeted expenditures in any given year not surpass 105% of the tax revenue from the prior year will also be added to the Fiscal Responsibility Act through amendment. This will shield budgetary expenditures from being incurred due to overly optimistic revenue projections that turn out to be unrealized.”
He emphasized that a Bawumia-led government would make a deliberate attempt to use the private sector’s potential to reduce the government’s financial burden.
This approach expands on the successful execution and growth of programs like Free TVET and Free SHS that were started under the Nana Akufo-Addo administration.
“My government will now concentrate on jobs and wealth creation by the private sector for all Ghanaians, with all these social safety nets in place.
“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 said.
