In preparing the 2020 budget, the President has given firm directives to his Ministers that the fiscal stability which has been restored must not be compromised.
The Fiscal Responsibility Act, which is the new anchor of discipline for the government of Ghana, prohibits any government from incurring a deficit beyond 5 percent of Gross Domestic Product (GDP).
At a press briefing at Peduase near Aburi in the Eastern Region on Sunday, where President Akufo-Addo's Cabinet was meeting for its 64th Regular meeting and 9th Retreat, the Minister of Information, Mr Kojo Oppong Nkrumah revealed that the President has been quite clear to his Ministers that he will not countenance on the fiscal discipline achieved as of now.
The meeting, according to the Minister of Information focused on the preparation of the 2020 budget.
He said President Akufo-Addo has set out clear red lines that should not be crossed in 2020 by overspending just to win the election and thereby compromise on fiscal discipline.
He said the president is quite clear that if you do that, you will only have to come back in 2021 to start the process again and therefore make it counterproductive.
He said that was why the Fiscal Responsibility Act was passed and has therefore been clear with his Ministers on that one.
Cabinet has just completed its 64th regular meeting and 9th retreat in Peduase to examine the status of the economic turnaround program and approve a framework for the 2020 Budget.
The meetings chaired by President Akufo-Addo have been focused on examining the results of the governments efforts at correcting the economic challenges inherited at the start of the administration’s work.
It has also been focused on laying down some red lines in the preparation of the 2020 budget. Read Full Story
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