Business News of Friday, 20 January 2017
Ghana’s economy is fundamentally strong, Mr. Yaw Osafo-Maafo Minister-designate has said, but noted that it will only take a disciplined regime to create an economy that can be described as booming. Answering questions at Parliament’s Appointment Committee on Friday, Mr. Osafo-Maafo indicated that the lack of discipline by the previous Mahama-led government exposed what he calls an economy that was “not in best of shape”.
Nonetheless, the Senior Minister-designate assured the nation that the Akufo-Addo-led government has what it takes to turn the economy around, the more reason why the New Patriotic Party was voted into power. “It is doable”, he declared with a flare of confidence in his demeanour. “The economy is fundamentally strong, so if we discipline ourselves, we will be able to get out of the woods,” he emphasized.
Borrow While in opposition, the New Patriotic Party criticized the government for borrowing excessively. But Mr. Osafo-Maafo told the committee the NPP government would also borrow to execute some development projects, however, the loans would be contracted with better terms.
“We will certainly borrow but under different arrangements…we will borrow to refinance to change your whole debt profile that is what we will be seeking to do.” Early on, Mr. Osafo Maafo asserted that the NPP is bent on creating a business friendly environment, a departure from the current environment that he described as “complicated” which causes “hindrance to businesses”.