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01 May 2014

The economy is gradually responding - President John Dramani Mahama assures Ghanaians.

 
In the midst of a gloomy economic outlook, President John Dramani Mahama has given yet another assurance that the economy is recovering and the future bright.

“This year is a turn-around year for Ghana and I am positive that the Ghanaian economy will show strong signs of recovery by the end of this fiscal year,” he stated.

President Mahama was speaking at this year’s May Day celebrations at the Independence Square in Accra.

He said even though some of the ‘home-grown strategies’ being implemented to revive the economy are harsh, “I assure you my countrymen and women, that these measures are achieving the desired effect and the economy is gradually responding.”

Many analysts, locally and abroad, believe the Ghanaian economy has suffered major dislocations with the local currency suffering a record loss in value in the first quarter of this year.

Inflation has inched up and the debt-to-GDP ratio is said to have crossed the critical 60 per cent mark.

The president conceded there exist major challenges but maintained government’s measures at stabilising the economy yielding positive dividends.

He said clear measures had been instituted to deal with corruption which is said to be worsening.

“We are committed to plugging loopholes in our revenue systems and will carry out the reforms in our revenue administration to ensure sustainable economic growth…In the next few will initiate a massive payroll audit with the view to eliminating the pervasive ghost names and ensuring that these ghosts die a permanent death and resurrect no more,” he stated.

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