Citi Breakfast Show<\/strong>, Mr. Terkper maintained that Ghana has also reduced its budget deficit significantly to 7.3 from over 9 percent, while the rate of growth of the debt stock has slowed down.<\/p>\nAccording to him, Ghana\u2019s nominal debt increase has stabilized, indicating a decrease in the rate at which the debt stock was accumulating.<\/p>\n
[contextly_sidebar id=”ykFKJg99s415X58ZjvLK4IPz3fbak6nh”]He also disclosed that salary arrears owed to nurses and doctors under the single spine pay policy have been fully addressed.<\/p>\n
Mr. Terkper\u2019s comment comes at the back of concerns raised by captains of industry on Ghana\u2019s surging interest rates and inflation, which they say are killing the private sector.<\/p>\n
Using the end of 2012 as a benchmark to assess current fiscal performance, the Minister explained that an attempt to put a lid on general price level through price liberalization is part of the correction transition, hence, the increase in inflation rate.<\/p>\n
\u201cPart of the reason inflation had to go up is that when you are controlling prices and you have subsidies, when you remove those subsidies, there is a transition that takes place, so there is a cost\u201d, he stressed.<\/p>\n
Touching on the fall of GDP from 8 percent to 4 percent, Mr. Terkper stated that the hit to the economy from the two and half year disruption in gas supply, contributed largely to the drop.<\/p>\n
He advised against looking at the overall debt stock in isolation since part of the debt is in dollars which is affected by the exchange rate volatility.<\/p>\n
Legacy debt<\/strong><\/p>\nResponding to the recent imposition of some levies on petroleum products, which included a legacy debt, the Minister stated that government is embarking on reforms in most State Owned Enterprises to clear their financial sheets to bail them out of their debts to make them viable.<\/p>\n
He maintained that the reforms may not be fair but government cannot look on while some state institutions such as the VRA and the ECG sink under debt.<\/p>\n
He however stated that government is no longer going to allow such State Owned Enterprises to take back their receivables while the task payer services the debt.
\n–
\nBy: Lawrence Segbefia\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
Finance Minister, Seth Terkper, in justifying his latest claim that the economy is witnessing a turnaround, says the fiscal performance of the government has brought an end to queues at fuel stations, and also addressed\u00a0the recurring ghost names phenomenon\u00a0from government\u2019s payroll system. Speaking on the Citi Breakfast Show, Mr. Terkper maintained that Ghana has also […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,10,11],"tags":[],"yoast_head":"\n
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