Former President John Dramani Mahama says the next National Democratic Congress government is committed to ensuring a reduction in consumption-related expenditure as part of the country's economic recovery agenda. At a press conference in Accra on Monday, Mahama outlined some key economic policies the party would implement to help reduce Ghana's increasing fiscal pressures and put the country on a sustainable growth trajectory.
As contained in the statement, Mahama said the NDC's fiscal policy would aim at taming government expenditure on non-essential items, such as imprudent purchases and over-bureaucratic expenses. This, he observed, would release critical resources for investment in infrastructure, education, healthcare, and other productive sectors.
We will focus on reducing consumption-driven expenditure and channel money into capital projects that will spur long-term development," Mahama promised as he assured that prudent financial management would be at the heart of their governance agenda.
The former president indicated that this move has become inevitable considering the current state of Ghana's economy, which is burdened by high levels of debt, inflation, and a depreciating currency. Mahama bashed the current administration for running down the economy through mismanagement of the few resources at its disposal and allowing the wanton wastage of resources to continue unabated.
As part of the economic reforms that the NDC has promised, Mahama vowed to introduce stricter fiscal discipline, including a thorough review of all state-funded programs and projects with the ultimate aim of eliminating all profligacy. He added that a more robust public financial management system is being envisaged to bring about transparency and accountability in the use of public funds.
He also hailed that his administration would team up with international partners, like the International Monetary Fund, to stabilize the economy, while making sure of job creation and stimulation in the private sector. He assured Ghanaians that the NDC administration would be committed to the revitalization of the economy through improved economic policies that ensure growth in a sustainable manner and wean the country from overdependence on heavy borrowing.
With the 2024 general elections on the horizon, Mahama’s comments have stirred debate, with many looking closely at his economic proposals as a potential alternative to the current government’s strategies.
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