Ghana's economy projected to expand

By Prosper K. Kuorsoh, GNA
Wa, May 4, GNA - Ghana's economy is projected by the World Bank to expand over the next three years notwithstanding the difficult global economic climate.

The projected expansion is expected to start this year by 5.2 per cent, then to 8.2 per cent in 2017, and 7.5 per cent in 2018.

President John Dramani Mahama made this known at the 2016 May Day celebration held in Wa, the Upper West Regional capital last Sunday.

He noted that the country's debt to Gross Domestic Product (GDP) was declining steadily, whiles inflation was decelerating.

He said the domestic currency was stabilizing and public debt was decreasing, adding that the strict discipline of zero central Bank financing was being implemented from the beginning of this year.

President Mahama assured Ghanaians that the projected growth would create jobs because it was transforming the structure of the economy through diversification and increased investment in the rail sector.

He noted that through deliberate policy intervention, the government was creating more opportunities in the ICT-related services sector.

'We are revamping and diversifying our exports by promoting the growing of cashew, coffee, cocoa, Sheanut and also expanding the poultry industry, shrimps and aqua culture', he stated.

'We are also reactivating the Komenda Sugar Factory which alone will create 10,000 direct and indirect jobs', he added.

President Mahama noted that the Bank of Ghana had also recently announced a new programme to extend support to the agricultural sector to the tune of about 100 million dollars.

In addition, government will continue to partner the private sector either directly or indirectly through the creation of an enabling environment for more job opportunities.

President Mahama noted that the government had virtually completed the migration of public sector workers onto the Single Spine Pay Structure (SSPS) and had also cleared the arrears that were owing to workers.

He said with the consolidation of the Single Spine Pay Policy (SSPP), it was now time for government to turn its attention to the proposal to set up an Independent Emolument Commission which would ensure greater fairness in remuneration across the public sector, notwithstanding whether people were Article 71 office holders or on the SSPP.

The President further indicated that with the completion of the migration to the single spine policy, it was time now for government to critically look at the issue of productivity.

President Mahama, therefore, called on Organised Labour to join hands with government to put in place systems that would enhance productivity in the public service.

GNA