The CEO of the Ghana Chamber of Commerce and Industry has called on government to exercise fiscal discipline, particularly in the lead-up to the 2024 elections.
Mark Badu-Aboagye says this is to avoid repeating the pattern of budget overruns that have historically placed the country in economic distress.
Speaking on Joy News’ PM Express Business Edition on Thursday, he highlighted the International Monetary Fund’s (IMF) concern over Ghana’s recurring budget overruns during election years, which often lead to deficits and inflation, burdening ordinary citizens.
“The highest risk identified by the IMF in their report is that every election year, we overrun our budget, creating a huge budget deficit. The issue is not just about the deficit, but how we finance it,” Badu-Aboagye said.
He expressed frustration at the government’s repeated overspending, which often leads to the printing of money, inflation, and increased hardship for the average Ghanaian.
Ghanaians suffering under inflation
Mr Badu-Aboagye emphasised the suffering caused by inflation, particularly for those on fixed incomes.
“When inflation goes up, it’s those on fixed incomes, like wage earners, who feel it the most. The money they have can no longer buy the same basket of goods and services,” he lamented.
He explained that while the government benefits from inflation by reducing the real value of its debt, ordinary citizens—especially low-income earners—bear the brunt of the economic pressure.
“Why are we suffering like this? We know the consequences of budget overruns and inflation, but we keep repeating these mistakes. People are struggling just to survive,” he added.
Source: joynews
