Information minister, Kojo Oppong Nkrumah, has assured Ghanaians that government is committed to “deepening” already instituted measures and policies, geared to turning the economy around.
According to him, with programs already being rolled out by government, there’ll be more concerted efforts in ensuring their effectiveness. He revealed that on the cost-of-living side, which has been one of the biggest challenges in the country in the past one and half years, the Central Bank will continue with its tightening policy.
Mr Nkrumah noted that the Central Bank has already been quite clear about that, which is helping on the non-food side.
He explained that the decision by government to roll out the Growth and Jobs programme, which is targeted at creating more jobs and sustaining expansion of the economy will help achieve the objectives of government.
“I think we’re going to be seeing a deepening of the measures that are bringing about the turnaround. On the growth side, the President has asked for a jobs and growth programme to be submitted to him.
“I know the ministry of finance and the related ministries have done a lot of work, and it should be signed in the coming weekend at the cabinet retreat. Then you’ll see a deepening of the growth agenda.”Kojo Oppong Nkrumah
Touching on the impact of the programme on the real sector side, Mr Nkrumah stated that led by the agric and transport ministries, they will work collaboratively to ensure that on the food side, they can also help to bring inflation down a little bit.
“Again, there as well, you’ll see a deepening of the efforts… If you go to the fiscal side, we are clear that we want to keep the primary balance in shape, so that we are able to reduce the rate of no debt accumulation.
“I think if we look at the numbers for the first two quarters of the year, it tells you that again we are on track and there’ll be a deepening of that as well. So, long and short is that you’ll see a deepening of the efforts that’s bringing about the turnaround in the final quarter of the year.”Kojo Oppong Nkrumah
Commenting on the social impact of previous policies by government aimed at reviving the economy, the information minister stated that it has been progressive, albeit not at the pace expected. He highlighted that the country is beginning to see a turnaround in the numbers at the macro level.
Admittedly, he revealed that in a trickle-down economy, it takes a while for results to “trickle down”, and government is expecting that sooner than later, it’ll have the needed impact.
“I think the President is also being clear that we need to quicken efforts that ensures trickling down. That’s why for example if you take growth, the target was about 1.5%, but I think the President was quite clear that some efforts need to be put in place, particularly in the area of agriculture to ensure that it picks up faster than the 1.5%.
“Already, we are seeing about a 3.3%, coupled with that, also then means that food price inflation will be tinkering down a little bit. So, the idea is to quicken it, so that it trickles down faster.”Kojo Oppong Nkrumah
Elaborating on the relevance of the growth and jobs programme, despite various intervention programmes already in place by government, Mr Nkrumah explained that based on evaluations of previous policies, a new one which will serve as a continuum is equally good.
“You need to be always examining the results from what you’re doing, and seeing what you can do more of which is working and stop doing what is not working. It’s in that context that growth programme at 1.5%, the President said I need this thing to move faster because growth comes with jobs usually, and jobs brings incomes to people and incomes allow people to have a higher quality of life…”Kojo Oppong Nkrumah