Ghana’s Vice President Mahamudu Bawumia has restated government’s commitment to ensure fiscal discipline even during an election year.
He announced that the 2019 budget which will be presented to Parliament next month will also incorporate the modalities for the passage of the Fiscal Responsibility Law which will set a cap on budget deficit at five percent of GDP.
The move he noted, will be a legal framework that will bind governments’ to spend within budget.
Interacting with some investors at the Blomberg European Headquarters in London, Vice President Bawumia touted Ghana’s potential to the investors especially the country’s political stability urging businesses in the UK to invest in Ghana.
The meeting forms part of efforts to propagate the opportunities in Ghana to woo investors into the country.
Vice President Bawumia said it is a new dawn in Ghana as government is leveraging on technology to transform and modernise the economy.
He said the digitization agenda of government especially the paperless ports, digital addressing system and the land digitization are all aimed at creating a conducive environment for businesses to thrive.
He intimated that over the past twenty months government through its prudent policies has stabilized the economy and reduced the debt to GDP ratio to about 64 percent.
He stressed that the coming on stream of the Fiscal Responsibility law and the Fiscal Council will guide government in its spending.
Vice President Bawumia told the investors that government is looking for trade and not aid urging them to take advantage of the opportunities in Ghana for mutual benefit.
Blomberg since its inception has grown to become one of the most important financial companies in the world. It has over 327,000 subscriptions to its professional services and over 150 news bureaus internationally.
Story by Mercy Darko.
