President John Dramani Mahama has promised Ghanaians that the mid-year budget review, which is scheduled to be released in August, will reveal further encouraging improvements.
During his thank-you tour in Wa on Thursday, May 15, Mahama spoke at a durbar about the government’s attempts to stabilize the economy and said he is confident the nation is headed in the right direction. Stabilizing the economy has been the government’s top priority since assuming office, according to Mahama.
He clarified that the government’s platform pledged to severely cut spending while allocating the saved funds to key sectors in the budget that was submitted to Parliament in March of this year.
Mahama said, “I am pleased to inform you that our efforts to stabilize the economy have started to produce results,” citing the local currency’s better performance and a steady decline in the cost of goods and services as indicators of progress.
The Governor of the Bank of Ghana and the Minister of Finance were praised by the President for their close cooperation and leadership in promoting the economic recovery.
He praised their teams for their efforts and stressed that the government’s coordinated approach was key to the progress achieved thus far.
“I wish to commend the Honorable Minister of Finance and the Governor of the Bank of Ghana, along with their teams, for the close collaboration and coordination they are displaying in this economic turnaround,” Mahama added.
He expressed optimism that by the time the Minister of Finance presents the mid-year budget review in August, Ghanaians will have even more good news to look forward to.
“I am sure that by the time the Honorable Minister comes back to Parliament to present his mid-year review budget in August, we will have even more good news for Ghanaians,” Mahama concluded.
His comments coincide with a period of consistent improvement in Ghana’s economic indices, which has restored faith in the nation’s economic prospects.