Name: My administration will ensure fiscal discipline to address exchange rate issues - Mahama - MyJoyOnline
Uploaded: 2024-07-07T21:15:30+00:00
Description: The flagbearer for the National Democratic Congress (NDC) has recommended ways to address the challenges regarding the country's exchange rates.

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The flagbearer for the National Democratic Congress (NDC) has recommended ways to address the challenges regarding the country's exchange rates.

According to John Mahama, the current crisis is a result of the government's focus on increased revenue without addressing high expenditure.

This comes on the back of a free-fall of the local currency which has become a major source of worry for businesses.

“We would instill fiscal discipline because eventually, the main driver of the economy is fiscal discipline and fiscal consolidation. And so if you only want to ramp up revenues, but you're not willing to cut expenditures, then you have a situation where your budget deficit is out of kilter."

"And as you know, we had a budget deficit that went as high as 15% of GDP. And unless we instill fiscal discipline, we'll continue to have a situation where it puts pressure on our currency.

The former President said this during a conversation with media practitioners at the Kempinski Hotel Gold Coast City Accra.

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