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The Akufo-Addo administration has come under increasing pressure to reduce spending and the size of the government apparatus, and the Ghana Pentecostal and Charismatic Council (GPCC) has added its voice to the chorus.
The Council asserts that the action would increase economic confidence by demonstrating the Presidency’s leadership in resolving the present economic issues.
In a statement issued by the GPCC and seen by GhanaWeb Business, it urged the government and other relevant stakeholders to start a national debate with the goal of discussing and coming up with strict answers to the country’s economic problems.
“Urgently downsize government machinery and cut down on expenditure to start building confidence about its commitment in solving our economic problems. From the Council’s perspective, it is important that the Government demonstrates a strong sense of burden-sharing to encourage key bondholders to fully accept the exchange voluntarily,” the statement read in part.
“This should include Government explicitly and verifiably cutting down on its expenditure, including reducing the size of the government, among other areas. This is very critical to encourage buy-in from the general public,” it added.
Touching on the Domestic Debt Exchange Programme, the GPCC urged government to be circumspect in its resolve in order not to derail the country’s financial sector.
“Whatever form the DDEP takes, Government should ensure that the financial sector, which is a key pillar of growth for the economy, is not destroyed in the process of the debt exchange.
The Council acknowledges the setting up of the financial sector stability fund, as a measure to provide support to the financial sector, but the Council expects to see a clear demonstration that the facility is fully funded for implementation, in order to provide full assurance to the financial sector and the banking community,” the Council pointed out.
NKONKONSA.com
