The economic advisor to President John Mahama, Seth Terkper, says the current administration is laying down long-term financial buffers to avoid a repeat of Ghana's economic setbacks.
The former Finance Minister disclosed that government is actively populating the sinking and stabilisation funds to prepare for future shocks. "We are populating - and I'm quoting the Finance Minister - we are populating the sinking fund.
We are populating the stabilisation fund," he said on JoyNews' PM Express Business Edition on Thursday night.
Mr Terkper said these steps are part of deeper structural reforms to ensure Ghana avoids the boom-and-bust cycles that have plagued the economy in recent years. "It takes hard work, strategising, and it takes learning from experience and the hiccups that have happened in the last few years," he said. "Seeing an economy getting out of HIPC, and all other economic turmoils, and then seeing some stability - that's a dramatic change." He believes Ghana is now witnessing a gradual reversal of the economic decline that followed years of fiscal pressure. "What you are seeing now is a reversal, a gradual reversal of those trends," he said.
