[contextly_sidebar id=”N18Kd5Lis6uxE4kQvc6quqypmySZRvli”]However, according to the Vice President, the fall in the prices of Gold and cocoa caused a significant reduction in the government\u2019s revenue, forcing them to turn to external financiers in order to complete certain vital development projects.<\/p>\n
\u201cCurrently we are going through some short term difficulty because the [prices] of the primary commodities that we produce and export went down significantly and therefore created difficulties for us,\u201d Amissah Arthur said.<\/p>\n
\u201cWe have significant need for investment in infrastructure but with the decline in our earnings, we could not postpone the development of that infrastructure and so it went ahead with some external borrowing to make sure we could finish those projects and that led to fiscal deficit which we are dealing with now,\u201d he added.<\/p>\n
Amissah Arthur made these comments when a business delegation from the Flanders Investments and Trade group of Belgium paid him a visit at the Flagstaff House in Accra.<\/p>\n
He stated that despite the current problems with the fiscal deficit, Ghana\u2019s medium-term economic prospects remain bright due to gains being made in the oil sector and in power generation.<\/p>\n
\u201cWe found some petroleum resources off shore Ghana which we started producing 3 years ago and have since seen significant yield. In gas, we have a prospect for helping to reduce the cost of power generation. And also hopefully some other products in fertilizer and so which are prospects we are looking at,\u201d he opined.<\/p>\n
\u00a0 Foreign investment needed for Better Ghana Agenda<\/strong><\/p>\n Vice President Amissah Arthur argued that in order to ensure that the better Ghana agenda was realized, there needed to be more foreign investment in the country.<\/p>\n \u201cBut that would require significant new investment that we do not have and that is why we are inviting foreign investors to look at these prospects in joint partnership with us to be able to exploit these resources in order to give our people much better standard of living than they have now.\u201d<\/p>\n <\/p>\n By: Edwin Kwakofi\/citifmonline.com\/Ghana![\"1.4202564\"](\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2015\/06\/1.4202564.jpg\")
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