Seth Terkper explained: “The projected decline in oil prices would also impact negatively on the fiscal through lower revenues from oil exports whilst at the same time dampening the effect of foreign exchange pressures arising out of oil lower import bill”.
As commodity prices decline further, he assured Ghanaians that government would take necessary steps to mitigate potential impacts.
Mr Terkper stated: “To sustain our medium term growth prospects, measures are being put in place to reduce our vulnerability to external shocks through such means as strengthening our tools for risk management, diversifying and adding value to our exports, and supporting local production of imported goods which can be produced domestically”.
The fiscal frameworks would also be strengthened to foster medium-term planning and
preserve debt sustainability, as well as deepen structural transformation of the economy, he indicated.
Meanwhile, the threat of the Ebola virus spreading across West Africa poses significant risk to the region’s growth prospects, particularly its effects on the tourism and the hospitality industry.
His Excellency, President John Dramani Mahama, in his capacity as the Chairman of Economic Community of West African States (ECOWAS), has been at the forefront of the humanitarian efforts to mobilise both financial and material resources to bring the epidemic under control. Ghana has been designated as the UN centre for coordinating global response to the Ebola crisis, thanks to the sterling leadership of H.E. the President.
African Eye News.com