Cut public expenditure to minimize borrowing – Govt cautioned

Julius Gyimah, Executive Director of the Center for Public Policy, has advised the Ghanaian government to cut public expenses to reduce dependency on foreign aid and stabilize the economy.

Speaking on Kasapa FM, Gyimah emphasized that Ghana’s import-driven economy, with an annual revenue of about 1.2 trillion cedis, must prioritize effective financial planning.

He warned that continuous borrowing would worsen the debt burden, with 40-50% of the national budget already allocated to interest payments.

By focusing on internally generated funds and curbing debt, he suggests that the government could foster job creation, support local businesses, and ultimately strengthen the national economy.