{"id":246672,"date":"2024-11-06T13:02:10","date_gmt":"2024-11-06T13:02:10","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/11\/06\/cut-public-expenditure-to-minimize-borrowing-government-cautioned\/"},"modified":"2024-11-06T13:02:10","modified_gmt":"2024-11-06T13:02:10","slug":"cut-public-expenditure-to-minimize-borrowing-government-cautioned","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/11\/06\/cut-public-expenditure-to-minimize-borrowing-government-cautioned\/","title":{"rendered":"Cut public expenditure to minimize borrowing \u2013 Government cautioned"},"content":{"rendered":"

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\"Dr. play video<\/span>Dr. Mohammed Amin Adam, Minister of Finance<\/span><\/span><\/p>\n<\/div>\n

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The Executive Director of the Center for Public Policy, Julius Gyimah has cautioned the Ghanaian government to reduce public expenses to strengthen the economy and decrease reliance on foreign aid.<\/p>\n

Speaking on Kasapa Pr3mtobre Kase3 Mr. Gyimah asserted that Ghana being an import-driven economy generating only about 1.2 trillion cedis, must carefully examine its economic inflows, including tax and non-tax revenues, to plan and manage its affairs effectively.<\/p>\n

According to the expert, failure to consider these factors and continued borrowing will cripple the economy, as all generated resources will be diverted to servicing the country\u2019s debt.<\/p>\n

This has resulted in the annual budget allocating 40-50% of its funds towards interest payments.<\/p>\n

He advised that by implementing economic policies that prioritize internally generated resources and reduce borrowing, the government can create employment opportunities, boost local businesses, and strengthen the economy.<\/p>\n

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