John Dramani Mahama, the flagbearer of the National Democratic Congress (NDC), has pledged to instil fiscal discipline to address the issue of exchange rate fluctuations if elected as president.
Addressing journalists in Accra on Sunday, Mahama expressed concern over the current state of the country’s economy.
He pointed out that the instability of the exchange rate has had a significant impact on businesses and the cost of living in Ghana.
But he said if elected president, “We would instil 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 instil fiscal discipline, we’ll continue to have a situation where it puts pressure on our currency.”
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