General News of Friday, 25 July 2014
Secretary-General of the African, Caribbean and Pacific Group of States, Dr. Mohammed Ibn Chambas, has advised President John Mahama to reduce the size of his government and run “prudent” fiscal policies in order to salvage the ailing Ghanaian economy.
He believes Ghana’s economy will bounce back if the government retraces the economic path embarked upon by the late President Mills, which saw the economic indicators of the West African country in positive lights.
“Under the careful and watchful eyes of President Mills, macroeconomic fundamentals including inflation and the exchange rates were stabilized for the first time since the 1980s. Inflation came down to 8.4% in 2010 from a high of 18% .1 % in 2008.
“This is indicative of prudent fiscal monetary and other austerity policy measures that characterized his presidency to put the economy in healthy shape. In 2011, Ghana set yet another record being the fastest growing economy in the world…according to the IMF,” he stated.
Delivering a lecture on Thursday, July 24, 2014 to commemorate the second anniversary of the passing of former President John Evans Atta Mills, in Accra, Dr. Chambas reiterated the need for the president to adopt workable and “prudent” policies that can take the Ghanaian economy out of the current dire state.
The comments come in the wake of what appears like a serialised protest by worker unions in the country over the state of the economy.
He said “It is important that the president revisits the tested blueprints of success employed by Prof. [John Atta Mills] in particular, the need for a leaner and performing government and prudent physical policies”.
The public lecture was attended by government officials including vice president Kwesi Bekoe Amissah-Arthur, senior members and functionaries from the governing National Democratic Congress (NDC) as well as relatives of the late former president.