Leader of Ghana’s main opposition National Democratic Congress (NDC) John Mahama has outlined measures to tackle Ghana’s exchange rate challenges, attributing the crisis to the government’s emphasis on revenue generation without corresponding expenditure cuts.
Speaking at the Kempinski Hotel Gold Coast City Accra, Mahama highlighted the detrimental impact of high budget deficits, which, he argued, put pressure on the local currency.
He emphasized the necessity of fiscal discipline and consolidation to stabilize the economy, noting that unchecked budget deficits reached as high as 15% of GDP under current policies.
“We need to instil fiscal discipline because it’s the cornerstone of economic stability and fiscal consolidation,” Mahama asserted, addressing concerns over the free-fall of the Ghanaian cedi, which has significantly affected businesses.
He made these remarks during a media encounter on Sunday (7 July) in Accra. The former president is staging a comeback after he lost the 2020 elections to Nana Akufo-Addo.
A petition filed to challenge the verdict was unanimously dismissed by the Supreme Court.
SOURCE: DAILY MAIL GH
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