Accra, Oct.3, GNA - Vice President Kwesi Amissah-Arthur has stated that government is putting in the required measures to help generate investor confidence in the economy.
Accordingly the government is also making strenuous effort to restore the macro-economic balance by dealing with budget deficits.
Vice President Amissah-Arthur was speaking when the Lord Mayor Alan Yarrow of the City of London called on him at his office at the Flagstaff House.
The Lord Mayor of the City of London acts as the ambassador for the financial services of the United Kingdom.
About 44 per cent of the world's financial transaction passes through London making the London financial centre the largest in the world.
The visit by the Lord Mayor Alan Yarrow to the country is to strengthen the links between Ghana and the United Kingdom with particular reference to the financial and the service markets.
Vice President Amissah-Arthur also said currently the country has a programme with the International Monetary Fund to restore the macro-economic stability.
He said the government is dealing with the rising wage bills as well as cleaning the payroll and refinancing the interest on debts.
He said presently government is going for the Eurobond to refinance the domestic debts and also tackle the large subsidies on fuel and electricity that impact negatively on the budget.
Vice President Amissah-Arthur said despite low growth projected for the year the prospects for the country are bright.
He said next year the country would get new oil fields for production, saying that this would help in improving the balance of payment and help the central bank to accumulate reserves.
Lord Mayor Yarrow said the reason why London has been successful as the largest financial centre in the world is that the rule of law is respected.
He said any country that intends to have successful financial centre must ensure that people have confidence in the law of contract.
He said the London financial centre has a well-developed capital market, which manages about $ 9 trillion and a good proportion of that amount is invested in overseas, adding when this investments are made abroad they make sure are protected by the rule of law.
GNA
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