The Member of Parliament for Dormaa East, Paul Apraku Twum Barimah, has called on Ghanaians to support the government of President Akufo Addo to tackle the challenges facing the economy in a bid to help in quick recovery.
Speaking in an interview with the New Crusading Guide , Mr Twum Barimah, who is also a member of the Energy Committee in Parliament said the NPP government is putting some tactical and strategic measures together from the short to long term to help bring relief to Ghanaians and that the government would need their support to successfully implement these measures.
The measures, he said include finding alternative and cheaper sources of crude oil to feed the Tema Oil refinery to produce processed petroleum products for the people,, reducing importation of some non-essential foreign products and cutting down salaries of ministers and other expenditures . He said petroleum prices will soon be reduced due to some of these measures to reduce the burden on Ghanaians.
In terms of debt sustainability, he said the government aims at reducing the country’s total public debt to GDP ratio to some fifty-five percent (55%) in present value terms , with the servicing of external debt pegged at not more than eighteen percent (18%) of Ghana’s annual revenue..
He said the government is committed to improving the revenue collection effort, from the current tax-revenue to GDP ratio of thirteen (13%) to between eighteen and twenty percent (18-20%).
According to Paul Twum Barimah government is also aiming to restore and sustain macroeconomic stability within the next three (3) to six (6) years, with a focus on ensuring debt sustainability to promote durable and inclusive growth while protecting the poor.
He said Government is also reviewing reforms in the energy sector, capping of statutory funds, implementation of the exemptions Act and a new property rate regime and called on Ghanaians to rally behind the president in his quest to improve and grow the economy.