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Govt To Control Borrowing — Mahama
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- Created on Thursday, 17 October 2013 00:00
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Govt To Control Borrowing — Mahama
The President, John Dramani Mahama, has given an assurance that the government will control its borrowing to keep the country’s debt portfolio within “reasonable limits’’.He said while there was the strong need for the government to borrow to satisfy the high demand for infrastructure development, it would implement only projects “that have the greatest potential for transforming the lives of the people’’.
President Mahama gave the assurance yesterday when he opened the fourth Ghana Policy Fair at the Accra International Conference Centre.
The three-day fair is being held on the theme: “Partnership and Innovation for Development”.
The president noted that in recent times, there had been concerns over Ghana’s debt sustainability.
The country’s current debt to gross domestic product (GDP) ratio was estimated at 49.3 per cent, he said.
“While there is a strong need to borrow to satisfy the high demand for infrastructure development, I want to assure the country that we will do our best to keep our debt profile within reasonable limits,’’ he said.
In the face of the current debt portfolio, he said, “prioritisation is the name of the game”.
On the general economy, President Mahama said Ghana’s economic prospects were bright.
" We may be facing challenges, but the government has put in place measures to overcome the challenges. The economy is responding positively," he said.
Mr Mahama affirmed the government’s intention to create stable and well-paid jobs that would not make people feel the impact of the increases in utility tariffs.
“In the next three years, the policy fair will evolve around the number of sustainable jobs that we have been able to create. What Ghanaians need today are stable jobs that pay well, and they are happy to work at.
“Stable jobs that allow them to put their children in school, stable jobs that allow them to cover their bills, stable jobs that make increases in utility tariffs inconsequential to them. And also to create stable jobs in agriculture, industry and services, that are the machinery for transforming our economy, leading to their middle income status in the shortest possible time,” he added.
The president said in the next three years, the Policy and Delivery Unit at the Presidency and all ministries, departments and agencies (MDAs) would be charged with monitoring, evaluating, reporting and taking corrective action “on this government policy number one priority, the creation of stable well-paid jobs”.
He said for the first time, the fair was open to the private sector to exhibit its programmes.
That, he said, was in line with the government’s determination to collaborate with the private sector to propel the country’s socio-economic development.
He, therefore, charged the private sector to take advantage of the fair to enhance the image of its respective companies and increase collaboration with the public sector.
Mr Mahama appealed to organised labour to allow the working group set up to consider measures to ameliorate the effect of utility tariff hikes on people, time and space; to finish its work and present its report to the government.
He congratulated the Black Stars on beating the Egyptian national football team in their crucial first leg World Cup qualifier in Kumasi on Tuesday.
The Minister of Information, Mr Mahama Ayariga, said in the past, policy discussions remained the preserve of policy makers.
The fair, he said, provided the opportunity for people to have information on government programmes, projects and policies, and also offer some suggestions.
The Chairperson of the Council of State, Mrs Cecilia Johnson, who chaired the function, described the fair as an important novelty which underpinned the tenets of transparency and accountability.
She said the fair gave the taxpayer the opportunity, through a one-stop gathering, to see how the government used state resources and give feedback.
The various MDAs have mounted stands showcasing their respective projects, programmes and policies at the fair.
For the first time, the Presidency has mounted a stand at the fair while the private sector has been allowed to mount stands.
The exhibitors explain issues to visitors and also get feedback from them.
Experts have also been engaged to make presentations on important national issues including energy, pay policy and infrastructure development at the fair.
Topics being discussed at dialogue sessions include: "Rationalisation of Wages for Improved Performance and Sustainable Economic Development: The Case of the Single Spine Pay Policy", “Promoting the Petro-Chemical Industry for Accelerated Economic Development” and “Promoting the Creative Arts to Accelerate National Development”.
Source: Daily Graphic
