Rationalise expenditure to make up for 5% shortfall in debt exchange programme – GNCCI to government

With the exemption of pension funds from the debt exchange programme, the Ghana National Chamber of Commerce and Industry (GNCCI) is asking government to rationalise its expenditure to make up for the 5% shortfall of the programme.

This advice follows the exemption of pension funds from the programme after government and organised labour reached an agreement.

Reacting to the development, President of the Chamber, Clement Osei Amoako, told Joy Business government can still do more by cutting expenditure and reviewing its policy programmes such as the Free Senior High School to save some cost to service its debt.

“The other side that we have to look at is what the gap creates, how can government finance it?  It is part of the agreement and policies put in place to sustain our debt.”

“The ministerial numbers must be reduced. We don’t have the money to even allocate some funds to some ministries”, he added.

He also mentioned that modifying the free SHS to reduce pressure on the economy is non-negotiable.

“We can also modify the free SHS to make some savings there”.

Government in agreement with organized labour on December 22 exempted pension fund from the debt exchange programme.