ISSER Director urges Gov’t to provide transparency on expenditure reduction efforts in mid-year budget review
Professor Peter Quartey, the esteemed Director of the Institute of Statistical Social and Economic Research (ISSER) at the University of Ghana, has called on the government to offer updated information regarding its ongoing efforts to curtail expenditure in the upcoming Mid-Year Budget Review. Professor Quartey believes that such transparency is vital for fostering investor confidence and attracting greater foreign direct investments into the country’s economy.
Speaking at the Ghana National Chamber of Commerce National Dialogue Series, Professor Quartey stressed the importance of creating a conducive environment for private sector growth, which serves as a catalyst for overall economic expansion. He emphasized the need for the government to substantiate its claims of expenditure reduction through tangible evidence, while also unveiling new measures to support various sectors.
While acknowledging the significance of fiscal stability, Professor Quartey underscored the need for stimulating growth and job creation, emphasizing the judicious allocation of resources. In his view, transparent communication from the government is essential to achieving these goals and garnering support from the private sector.
Moreover, Professor Quartey urged the Bank of Ghana to increase its market interventions to sustain the recent positive trajectory of the Ghanaian cedi. Recent data from commercial banks indicate that the cedi has appreciated by more than 1.0% against the US dollar since June. To ensure a favorable outlook for the currency, Professor Quartey called for continued implementation of exchange regulations by the central bank and the streamlining of activities in the foreign exchange market. By doing so, the Bank of Ghana can maintain stability and prevent undue influence from the black market.
The Ghana National Chamber of Commerce National Dialogue Series, held under the theme “Mitigating the Negative Impact of Ghana’s IMF Program on Businesses,” served as a platform for comprehensive discussions on the challenges faced by businesses in the country and potential strategies to address them.
