Dr. Mahamudu Bawumia, the New Patriotic Party’s flagbearer for the upcoming 2024 general elections, vows to focus on fiscal responsibility if elected as President.
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Speaking to Africa Watch Magazine, he outlined plans to streamline government spending and boost revenue generation while reducing reliance on volatile sectors of the economy.
Bawumia emphasized the importance of fiscal discipline, proposing measures to broaden revenue streams, cut unnecessary expenses, and involve the private sector in infrastructure projects.
He also pledged to diversify the economy, tapping into mineral resources and advancing renewable energy.
Acknowledging the efforts of the current administration led by President Akufo-Addo in addressing economic challenges, Bawumia highlighted progress in reducing fiscal deficits and stabilizing the debt-to-GDP ratio.
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Looking ahead, Bawumia promised collaboration with the Bank of Ghana to implement monetary policies that balance price stability with economic growth.
He stressed the need to lower interest rates to stimulate investment and improve access to credit for businesses and individuals.
Bawumia’s proposed approach includes adjusting key policy rates and managing government spending to reduce borrowing, thus easing pressure on interest rates.
In summary, Bawumia’s vision for economic governance revolves around fiscal prudence, revenue diversification, and collaborative monetary policy to foster stability and growth in Ghana’s economy.
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