President Nana Akufo-Addo has revealed that Ghana will soon make a comeback in the International Capital Market to secure the necessary funding for executing the government's agenda.
President Akufo-Addo expressed concern about the closure of the capital market to Ghana and emphasized the importance of accessing funding through international channels.
During his engagement at the Qatar-Africa Economic Forum in Doha, President Akufo-Addo stated, “We have positioned ourselves to be able to go back into the International market which had been a source of funding for us during the first three or four years of our government.”
To ensure financial prudence and responsible management of resources, the government intends to implement strict expenditure cuts and enhance revenue mobilization.
President Akufo-Addo stressed the need to curb wasteful spending and improve domestic revenue collection, stating, “Rationalization of our expenditure, rationalization of government expenditure is something that we have given the assurance. Domestic revenue mobilization is absolutely critical for us.”
He also highlighted the importance of adhering to fiscal responsibility laws and reducing the fiscal deficit to more acceptable levels.
Ghana's current exclusion from the international capital market is primarily attributed to its high debt levels, but with the approval of the International Monetary Fund bailout, the country may regain access to borrow from the capital market.
The government's determination to address fiscal challenges and attract international funding demonstrates its commitment to managing Ghana's financial position and fostering sustainable economic growth.
