Vice President Professor Naana Jane Opoku-Agyemang has praised the Ministry of Finance for its role in stabilising Ghana’s economy.
He described the Ministry’s work as critical to helping the country recover from the difficult economic conditions inherited by the Mahama administration.
Speaking during a working visit to the Ministry of Finance in Accra on Thursday, July 9, the Vice President acknowledged that the government assumed office fully aware that it would face significant economic challenges, but said the realities encountered after taking office proved even more daunting.
“We knew that the situation was going to be difficult. Maybe the practical situation deepened that difficulty, and so we needed all of us to come on board to try and solve the problems,” she said.
Prof. Opoku-Agyemang commended Finance Minister Dr. Cassiel Ato Forson, his deputy, and staff of the Ministry for remaining focused and implementing measures aimed at restoring economic stability.
“I want to congratulate the Minister, the Deputy Minister and all of you. Everybody has played a role,” she stated, adding that the visit was intended to strengthen collaboration among government institutions and reinforce teamwork across the public service.
She urged public servants to place the country’s interests above all else, stressing that government decisions must improve the lives of Ghanaians.
“We are supporting our President, but we are also supporting our country. Let us put our country at the forefront of our discussions and our deliberations to ensure that the decisions we make impact positively on the lives of our citizens,” she said.
The Vice President acknowledged that the government’s fiscal consolidation programme had involved painful decisions but maintained that they were necessary to prevent a return to economic instability.
“Sometimes very, very difficult decisions have to be made. Let us all embrace the difficulties together and work even harder to ensure that we are building the country that we all want,” she urged.
Reflecting on Ghana’s debt obligations, Prof. Opoku-Agyemang said the country’s huge debt repayments underscored the importance of prudent economic management.
“The Minister has talked about all the debt repayments. If all this money were not paid out, imagine the schools we would have, the hospitals we would have, the quality of roads and the quality of healthcare,” she noted.
She said the experience should encourage the country to avoid unsustainable borrowing and build a stronger economic foundation for future generations.
The Vice President also praised the Ministry for introducing greater fiscal discipline and improving expenditure management.
“A sense of efficiency and a sense of discipline that you have brought into our expenditure pattern has been very good for us, and we want to thank you for it,” she said.
She further called for efforts to deepen value addition in Ghana’s key export sectors, arguing that the country must move beyond dependence on raw commodity exports such as gold and cocoa.
“If all we have is gold or cocoa, how do we get more out of them than we’ve been getting over the years? If we keep depending on raw commodities and on prices that are volatile, then we are not getting a lot,” she observed.
Prof. Opoku-Agyemang also welcomed progress toward establishing the Women’s Development Bank, describing it as a major step toward promoting inclusive economic growth.
She said the bank would provide financial support to women, particularly those operating small businesses who often struggle to meet the collateral requirements of traditional commercial banks.
“When we talk about inclusive growth, we are serious about it. It will include the people on the margins, most of whom happen to be women at the bottom of the pyramid,” she said.
The Vice President also applauded the Ministry’s efforts to promote gender inclusion, noting that women constitute about 41 per cent of its workforce and occupy several key leadership positions.
The visit formed part of the Vice President’s engagements with key government institutions to assess their work and encourage closer collaboration in advancing the government’s economic recovery and development agenda.
Source:myxyzonline/Akora Kofi Darko
