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| Apostle Eric Kwabena Nyamekye, second Vice President of the GPCC. |
President Nana Addo Dankwa Akufo-Addo has been urged by the Ghana
Charismatic and Pentecostal Council (GPCC) to implement effective austerity measures
in order to salvage the economy.
The Council claims that cutting down on government spending and
size may pull the country out of its present economic quagmire.
The GPCC further urged the government and other stakeholders to
work together to create a national dialogue forum for ongoing discussions on
important issues of national importance.
“Urgently downsize government machinery and cut down on
expenditure to start building confidence about its commitment in solving our
economic problems. From the Council’s perspective, it is important that the
Government demonstrates a strong sense of burden-sharing to encourage key
bondholders to fully accept the exchange voluntarily.
“This should include Government explicitly and verifiably cutting
down on its expenditure, including reducing the size of the government, among
other areas. This is very critical to encourage buy-in from the general
public.”
The GPCC urged the government to take steps to prevent the
Domestic Debt Exchange from destroying the banking industry.
“Whatever form the DDEP takes, Government should ensure that the
financial sector, which is a key pillar of growth for the economy, is not
destroyed in the process of the debt exchange.”
“The Council acknowledges the setting up of the financial sector
stability fund, as a measure to provide support to the financial sector, but
the Council expects to see a clear demonstration that the facility is fully
funded for implementation, in order to provide full assurance to the financial
sector and the banking community.”
The National Democratic Congress, an opposition party, and several civil society organisations have also urged the government to reduce its size
in order to save costs. The GPCC has now made a similar plea.
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