The recommendations emanating from the National Economic Dialogue are beginning to yield positive results for the Ghanaian economy, providing the path for the country’s economic growth.
Addressing the nation in a televised speech on Wednesday to mark the Government’s first 120 days in office, President John Dramani Mahama highlighted the crucial step provided through the dialogue in understanding the state of the economy and building consensus on the path forward.
Convened on March 3 – 4 at the Accra International Conference Centre, the dialogue brought together a wide array of stakeholders; private sector, civil society organisations, traditional authorities, and academia to deliberate on revamping the economy.
They gave a comprehensive report and clear recommendations, which aims at restoring macroeconomic stability and boosting confidence in the local economy.
“The implementation of these recommendations is already underway and is showing promising signs,” President Mahama said.
“The currency is becoming fairly stable, inflation is inching downwards, and we have reduced the excessive borrowing that had become a trademark of past governments.”
President Mahama pointed to the amendment of the Public Financial Management Act 2016 (Act 921) to introduce a debt rule aimed at reducing the debt-to-GDP ratio to 45 per cent by 2024.
It is also to establish an operational rule for an annual primary surplus of at least 1.5 per cent of GDP.
The amendment, he emphasised, allowed for the creation of an independent fiscal council to monitor adherence to those rules, which was executed ahead of the September deadline under the IMF-supported programme.
President Mahama underscored the significance of the sanctions now associated with breaches of fiscal rules, extending responsibility beyond the Minister of Finance to all heads of government entities contributing to fiscal slippages.
The National Economic Dialogue also provided valuable advice on promoting industrialised agriculture and aligning skills development with national priorities, areas the President affirmed his government was taking seriously.
He highlighted the successful repeal of the e-levy, the levy on betting winnings, and the emissions levy, as promised within the first 90 days.
He expressed confidence that the continued implementation of the recommendations would lead to a more stable, prosperous, and resilient Ghanaian economy.
The President noted that the stalled efforts to abolish other tax measures like the COVID levy was due to the existing International Monetary Fund programme.
Thus, the COVID-19 levy would be included in the overall VAT rationalisation exercise scheduled for September, he said.
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