The latest Public Finance Review of Ghana’s economy report launched by the Bank highlights the urgent need for Ghana to reset its fiscal strategy by boosting domestic revenue, rationalizing tax exemptions, and enforcing stricter expenditure controls
The report, however, noted that Ghana has made progress toward economic stabilisation but warned that more needs to be done to meet monetary and fiscal targets and create lasting fiscal space.
Dr Ato Forson emphasized that his major target for this is to reduce inflation drastically to a single digit of 8%, increase domestic revenue mobilisation by about 5% of Gross Domestic Product, while stabilizing the Cedi. To achieve these, the fiscal system needs to be efficient in controlling government expenditure and improving revenue collection while eliminating leakages.
