Manifesto – Macroeconomic Policies, Strategies and Targets

Fiscal Policy

Our fiscal policy will aim to:

  • Ensure a transparent, effective and efficient natural resource management regime including oil and gas resource management;
  • Consolidate the processes for the management of public finances to improve reporting, accountability and transparency;
  • Implement the Revenue Administration Act as well as Regulations to, among other things, move revenue processes to an electronic platform;
  • Continue to pursue policies that will ensure fiscal prudence and avoid excessive budget deficits;
  • Accelerate the implementation of the Public Financial Management Reforms, including the Integrated Financial Management Information Systems (GIFMIS) and Programme-Based Budgeting (PBB);
  • Rationalise the tax system to reduce the burden on the few;
  • Simplify the tax system to make it more efficient and robust.

 

 

Monetary Policy

Our monetary policy will aim to:

  • Encourage the Bank of Ghana to continue to implement policies that emphasize low and stable inflation rates, as well as a stable and productive exchange rate regime to enhance trade competitiveness;
  • Support the Bank of Ghana to initiate and implement policies that will compel commercial banks to reduce the spread between their borrowing and lending rates;
  • Scale-up processes, including not only working closely with the Telecommunication Companies to reduce the high level of cash transactions but also supporting the use of electronic payment platforms to effect payments for all forms of financial obligations to public institutions;
  • Continue to strengthen the capital market;
  • Encourage the Bank of Ghana to support our job creation agenda and economic growth through financial intermediation alongside the attainment of price stability;
  • Support the implementation of the Ghana Depositors Protection law to protect small depositors in the micro-finance industry.