Economist calls on government to cut down on expenditure

 Economist with the University of Ghana Business School, Dr Lord Mensah has called on the government to immediately cut down on its expenditure.

This came after the International Monetary Fund (IMF) disclosed that Ghana’s economy remained stable and projected a seven per cent Gross Domestic Product (GDP) growth for 2019.

A team from the Breton Woods institution, led by Mr Carlo A.E. Sdralevich, which is in the country for Article IV Consultations, made the disclosure at a meeting with the Finance Committee of Parliament as part of its mission last Wednesday.

The team’s discussions centred on macro-economic performance, revenue mobilisation, the financial sector clean up and matters bordering on the post-Extended Credit Facility (ECF) programme.

The leader of the team, Mr Sdralevich noted that the macro-economic situation in Ghana remained favourable and the projected GDP growth would be a reduction from the original 8.8 per cent.

however, he asked the government to be watchful about the country’s rising external debt.

Both the minority and the majority in parliament have expressed concern over the situation.

In an interview with an Accra based Starr FM, Dr Lord Mensah said the State must introduce a good phenonium approach to avoid a possible shot-down of the economy.