DOWNSIZE GOVT, CUT SPENDING TO SAVE ECONOMY – GPCC TO AKUFO-ADDO

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Chairman of the Church of Pentecost, Apostle Eric Kwabena Nyamekye

The Ghana Pentecostal and Charismatic Council (GPCC) has called on President Nana Addo Dankwa Akufo-Addo to immediately downsize his government machinery and cut down on expenditure to build confidence in his commitment to solving the country’s economic problems.

The call by the GPCC follows similar calls by the opposition National Democratic Congress and several civil society organizations who have advised the government to downsize its government to save cost.

According to the GPCC downsizing the government and cutting down on expenditure will demonstrate to Ghanaians that the call for burden sharing is not just all talk but also backed by action.

In a communiqué, the GPCC also called on the government and other stakeholders, to collaboratively establish a national dialogue forum for regular consultations and engagements on pertinent matters of national interest;

“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 also called on the government to ensure that the Domestic Debt Exchange does not destroy the financial sector.

“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.”

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