Dr. Mahamudu Bawumia, the New Patriotic Party (NPP) flagbearer, has expressed his commitment to upholding fiscal discipline should he be elected as President in the upcoming 2024 general elections.
During an interview with Africa Watch Magazine, Dr. Bawumia emphasized his strategies to streamline public expenditure and effectively manage government spending. Furthermore, he highlighted his aspirations to foster economic diversification and reduce reliance on volatile sectors. Additionally, he intends to execute tactics to broaden and enhance 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.
Dr. Bawumia highlighted that the Akufo-Addo government has already started tackling these issues by implementing fiscal discipline, and he emphasized that the economy is showing signs of improvement.
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 also pledged to work closely with the Bank of Ghana in order to enforce responsible monetary policies that will uphold price stability and promote economic development.
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 prioritize 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.
