‘I’ll control government spending when elected President’ — Bawumia

The Presidential candidate of the ruling New Patriotic Party (NPP), Dr. Mahamudu Bawumia has pledged to prioritize fiscal discipline if elected in the 2024 polls, with tighter controls on government spending.

Speaking to the Africa Watch Magazine, Dr. Bawumia outlined plans to rationalize expenditures and diversify the economy away from volatile sectors.

He said a Bawumia administration would implement measures to broaden and enhance revenue generation, as well as leverage private sector involvement in infrastructure development.

"We will prioritize fiscal discipline, controlling spending, rationalizing subsidies and maximizing mineral resource benefits," he stated.

The NPP flagbearer noted that the current Akufo-Addo government has already begun addressing fiscal issues through spending cuts and debt restructuring.

On the economy's recovery, Dr. Bawumia remarked "The good news is that the economy is recovering now, with lower deficits and declining debt levels." However, he acknowledged that interest rates remain high.

Dr. Bawumia promised to work closely with the Bank of Ghana to implement prudent monetary policies aimed at maintaining price stability while supporting growth.

“This may involve adjusting key rates...to influence interest rates. We will also prioritize prudent fiscal management, including controlling government spending," he emphasised.