Government is in the process of amending the Public Financial Management Act to limit the country’s fiscal deficit to between three and five per cent of GDP starting from 2018, the Vice President, Dr Mahamadu Bawumia, has disclosed.


According Dr  Bawumia, that was a demonstration of commitment by  government to keeping fiscal discipline so that every investor, both internal and external and every player in our economy would know that going forward from 2018 Ghana’s fiscal deficit would always be within the range of three and five per cent of GDP.


He was speaking at the closing ceremony of the two-day National Policy Summit in Accra.


Dr. Bawumia said government was very focused on making sure the macro economy is stable and would continue with the process of fiscal consolidation.


On the issue of government borrowing, the Vice President said the New Patriotic Party (NPP) would continue to borrow to help grow the Ghanaian economy but would do that responsibly and not recklessly.


“A lot of people misunderstand when we say we are going to be responsible, it doesn’t mean that we are not going to borrow money, it only means that we are going to borrow responsibly and not recklessly,” he added.


Dr. Bawumia disclosed that government, in the ensuing months, would inaugurate the Ghana Intra-trade Commission to address issues affecting trading in the country.


The Minister of trade, Mr. Alan Kyeremanten, maintained that the needs of the country required ambitious programmes like the ones being introduced by the NPP administration.


He was of the view that Ghanaians had the capacity to execute such ambitious programmes.


Source: ISD (Nana Ama Bonnah & Faith Junko Ogawa)