A total of $2 billion of Ghana’s domestic debt has been moved from 91 days of repayment period to longer term loan bonds to enable government reinvest revenues into the ailing economy.
This, according to Ken Ofori-Atta, Finance Minister, was to free Ghana’s fiscal space, which was saddled with over $30 billion debts and $2.4 billion interest payment.
“The re-profiling of the domestic debts to longer term bonds will allow the government to commit revenues into investment rather than clearing immediate debts. For investors to allow this means they trust the economic policies being implemented by government to address the challenges,” he added.
Mr Ofori-Atta was speaking in Accra at the Full Gospel Business Men’s Fellowship International (FGBMFI) fund raising ceremony and launch of the association’s national convention to be held later this year.
The event brought together captains of industries, businessmen and senior management of public institutions to worship, fellowship and build contacts.
Talking about the budget, he said it was designed to provide an enabling environment for the private sector to thrive and alleviate poverty.
“Our party’s orientation is the private sector. We believe if it is allowed to grow, the country would also grow as a result. We have inserted preferential policies to support the poor,” he added.
The Finance Minister noted that the country’s economic growth was disrupted by low revenues, high expenditures, high wages and salary to make up for poor economy, high statutory funds and increasing public debts.
He said the government was committed to implementing the budget to address the poor economic difficulties and urged private investors to take advantage to expand their businesses.
Dr. George Prah, National President (FGBMFI) said the fellowship seeks to offer the platform for all kinds of people including corporate executives, civil and public servants, among others, the platform to build a close relationship with their creator.
On the theme, “Awakening”, this year’s convention, he said would stimulate and create a sense of urgency among participants to strengthen their relationship with God and act according to his requirements.
By Claude Nyarko Adams