Prez meets with Economic Management team on way forward
President John Dramani Mahama yesterday held a meeting with the Economic Management Team to discuss measures taken by the government to reduce budget deficit and grow the economy.
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The meeting came in the wake of a growing debate about the performance of the economy.
While the government insists that the economy is doing well despite global economic challenges, opposition political parties, especially, the New Patriotic Party (NPP), argues that the economy is not doing well.
The Deputy Minister of Food and Agriculture, Mr Ibrahim Murtala Muhammed, who briefed the media on the Economic Management Team meeting yesterday at the Flagstaff House, said President Mahama was pleased with the measures taken to block revenue loopholes and grow the economy.
He also said the discussions at the meeting with the President and the Economic Management Team focused on ''significant measures to grow the economy.''
Reacting to suggestions that Ghana's economy was broke, Mr Murtala Muhammed said: ''The economy is doing very well,'' despite the global economic melt -down.
He added that Ghana's economic growth of about eight per cent was better than the average economic growth in Africa and many other countries globally.
''Globally, there is a melt-down. Despite the slowdown in the economy, we are above the continental and global average economic growth. We should be commending the Economic Management Team,'' he said.
The deputy minister said between 40 and 50 per cent of Ghana's budget was dependent on donor funding and indicated that Ghana could not secure the needed donor support due to the economic challenges that the country's development partners face.
Additionally, he indicated, a greater percentage of the donor funding to Ghana had been slashed, following the nation's graduation to middle-income status.
Mr Murtala Muhammed said the previous government started the gang of four road project without any specific funding and when the current government inherited the gang of four road project, it had to mobilise revenue to continue work on the project.
According to the deputy minister, President Mahama was also scheduled to hold a meeting with the managers of the African Development Bank (AfDB).
The deputy minister explained that the meeting would centre on the development projects embarked on by AfDB in the areas of health and education in the country.
By Musah Yahaya Jafaru/Ghana