Former Deputy Finance Minister Mona Quartey has reiterated that the National Democratic Congress (NDC) manifesto is not merely a collection of promises but an actionable plan for Ghana’s economic recovery.
Speaking on the recently unveiled budget, she emphasized the strong alignment between the party’s manifesto and the fiscal strategy laid out for the coming year.
“We’ve always said the NDC’s manifesto is an action plan, not just promises. Now, Ghanaians can see the clear synergy with the budget”.
Mona Quartey, Former Deputy Finance Minister
She highlighted the government’s commitment to delivering on its economic transformation agenda.
One of the key points highlighted in the discussion was Ghana’s debt situation and the ongoing negotiations with the International Monetary Fund (IMF).
According to Quartey, the domestic debt restructuring program has helped contain much of the fiscal pressure, leaving only external debt to be addressed.
“Fortunately, through the domestic debt restructuring program, that has been contained to a large extent. We now have to deal with the external debt, but that is a smaller proportion of everything.
“So there is now some clarity, and this budget is showing the map for the next year on how we are going to achieve macroeconomic stability for the nation and how we are going to get the economy back on track”.
Mona Quartey, Former Deputy Finance Minister
She emphasized that while macroeconomic stabilization is a priority, the government remains committed to protecting the vulnerable segments of society.
Revenue Rationalization and Expenditure Cuts
A central theme of the budget is revenue rationalization and fiscal discipline. The government has outlined clear strategies for improving revenue generation while ensuring compliance and efficiency in tax collection.
Quartey stressed that there would be a focus on expenditure reduction but assured that it would not negatively impact ordinary citizens.
“So you would notice that there’s an emphasis on revenue rationalization and exactly how that is going to be done, where we are going to find money from, how we are going to improve compliance.
“And then more importantly, the spending-led fiscal adjustments. So it’s going to be an emphasis on expenditure, cutting expenditure”.
Mona Quartey, Former Deputy Finance Minister
The former Deputy Finance Minister pointed out that the government had already begun implementing cost-cutting measures, a move that would continue throughout the fiscal year.
“I’m sure most people who listened to the budget in parliament heard the minister emphasizing that we are going to cut expenditure. That has already begun, and that is going to be a major part of this year as well”.
Mona Quartey, Former Deputy Finance Minister
However, she assured that these expenditure cuts would primarily target wasteful spending rather than essential services or social welfare programs.
“The areas where expenditure will be cut will be mainly in the areas of waste. So regular citizens will not feel that. The private sector will not feel that. Instead, we are going to improve the areas that will support the private sector and also improve the lives of regular citizens”.
Mona Quartey, Former Deputy Finance Minister
Inflation and Private Sector Growth
According to Quartey, the government’s fiscal strategy is designed to create a more stable economic environment, which in turn should have positive effects on inflation and business growth.
She noted that measures such as reducing early bill rates would help ease financial pressures, while a focus on agriculture would improve food security and stabilize the currency.
“And with the economic transformation agenda, especially in the area of agriculture, we should be able to improve food security and improve our currency depreciation rate”.
Mona Quartey, Former Deputy Finance Minister
She acknowledged that changing consumption habits would take time but stressed that the goal was to reduce the country’s dependency on imported goods while ensuring that currency fluctuations remained minimal.
“Either we are stabilizing or we are depreciating at a very, very small rate, because we all know that in one year, you cannot stop Ghanaians from still enjoying their imported goods and services. But the aim is to at least stabilize or reduce the rate of depreciation significantly”.
Mona Quartey, Former Deputy Finance Minister
Fiscal Discipline and Social Protection
Despite the emphasis on macroeconomic stability, Quartey reiterated that the government remains committed to ensuring that ordinary Ghanaians do not bear the brunt of austerity measures.
She pointed out that while spending cuts were necessary, they would not come at the expense of social welfare programs.
“It will not be to the detriment of most people because we will make sure that the socially vulnerable are taken care of. We’ve also given a lot of relief in the area of revenue, so most people will enjoy that”.
Mona Quartey, Former Deputy Finance Minister
The government’s approach, she explained, is to strike a balance between economic reforms and the well-being of citizens.
The fiscal adjustments, she argued, are designed to ensure long-term economic stability while mitigating short-term hardships. “It’s macro stabilization of the economy whilst making sure that the citizens do not feel too much of a pinch“, she remarked.
The alignment between the NDC’s manifesto and the recently unveiled budget underscores the government’s strategic approach to economic management.
By focusing on revenue rationalization, expenditure control, and targeted social protection, the administration aims to steer Ghana towards sustainable growth.
As discussions with the IMF continue and the government implements its economic transformation agenda, the effectiveness of these policies will become evident in the months ahead.
With an emphasis on balancing fiscal responsibility with social welfare, the administration seeks to reassure Ghanaians that its economic strategy is both pragmatic and people-centered.
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