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September 25, 2023
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We’ll go back to the international capital market soon – Akufo-Addo

President of the Republic, Nana Addo Dankwa Akufo-Addo
President Nana Addo Dankwa Akufo-Addo

President Nana Akufo-Addo says Ghana will soon return to the International Capital Market.

Mr Akufo-Addo said this will enable his government to get the needed funding to execute its mandate.

According to him, the shutting of the capital market to the country has been of great worry to him and his government.

“We have positioned ourselves to be able to go back into the International market which had been a source of funding for us during the first three or four years of our government,” he said during an engagement at the Qatar-Africa Economic Forum in Doha on Tuesday, May 23.

President Akufo-Addo also said his government will embark on rigorous expenditure cuts and revenue mobilisation exercises.

According to him, this is necessary to limit waste in the management of the country’s resources.

“Rationalisation of our expenditure, rationalisation of government expenditure is something that we have given the assurance. Domestic revenue mobilisation is absolutely critical for us and already we are seeing signs.

“We have a fiscal responsibility law in Ghana that has pegged our fiscal deficit at 5 percent but already we are way above that and the sooner we can bring that to more acceptable levels the better for us.”

Ghana has currently been shut out of the international capital market due to its highly unsustainable debt levels.

But with the approval of the International Monetary Fund bailout, the country may be able to borrow from the capital market.

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