The flagbearer for the National Democratic Congress (NDC) has recommended ways to address the challenges regarding the country’s exchange rates.
According to John Mahama, the current crisis is a result of the government’s focus on increased revenue without addressing high expenditure.
This comes on the back of a free-fall of the local currency, which has become a major source of worry about businesses.
“We would instil fiscal discipline because eventually, the main driver of the economy is fiscal discipline and fiscal consolidation. And so if you only want to ramp up revenues, but you’re not willing to cut expenditures, then you have a situation where your budget deficit is out of kilter.”
“And as you know, we had a budget deficit that went as high as 15% of GDP. And unless we instil fiscal discipline, we’ll continue to have a situation where it puts pressure on our currency.
MORE: