Finance Minister Announces Sweeping Cost-Cutting Measures To Rein In Government Expenditure
Finance Minister Announces Sweeping Cost-Cutting Measures To Rein In Government Expenditure
Finance Minister Dr. Cassiel Ato Forson has announced comprehensive cost-cutting measures aimed at reducing government expenditure and promoting prudent financial management. These measures include significant spending cuts to revitalize the economy, addressing the country’s large deficit and debt, particularly in the cocoa and energy sectors.
The government also plans to remove poorly designed taxes and implement targeted revenue generation strategies to improve the deficit and restore credibility. These initiatives aim for a GDP growth of at least 4% and an inflation rate of 11.9% by the end of the year.
In addition to expenditure cuts, the government intends to establish a Gold Board to streamline gold purchases from small-scale miners, increase earnings, and reduce smuggling. This initiative is part of a broader strategy to harness the entire value chain of gold, from extraction to marketing, thereby enhancing the country’s benefits from its gold resources.
These measures are part of the government’s commitment to fiscal discipline and economic revitalization, aiming to address the cost-of-living crisis and fulfill conditions set by the International Monetary Fund (IMF) bailout.
SEE ALSO: Mahama Consults Council Of State On Petitions To Remove Chief Justice
View this post on Instagram
Source: MyjoyOnline.com
