The President said Government had resolved to achieve an early restoration of stability in the foreign exchange market, which required that the nation expanded its exports, cut down on import bill and managed its finances carefully and lived within our means.

"Honourable members must join me in managing this period of economic difficulty. I assure you that we shall all benefit when the good times come, as they surely will. I am optimistic that the burden of sacrifice, if properly shared, will result in great opportunities and progress for the people of this country. I am committed to bringing the fiscal excesses under control. Without it, this country cannot pursue the aim of creating prosperity for our people."

President Mills announced that Government was negotiating the single spine wages and salaries regime, and commended organized labour for calling for broader consultation on the implementation of the single spine salary structure.

On private sector development, the President said Government saw the private sector as partner in development and wanted that partnership to be built on a shared responsibility where Government provided the conditions necessary for private sector growth and where the private sector became a pro-active partner in development.

He pledged to build a robust economy and address the challenges which the private sector faced in investing, growing and expanding. In view of the breadth of the challenges, the President said Government intended to build on the multi-sectoral strategic framework for the development of the private sector which should provide the vehicle for driving and delivering the changes so urgently required in making Ghana's private sector locally and globally competitive. "Given the urgency of this, the private sector development agenda will be driven and monitored at the heart of Government business at the Presidency. This is a promise I made to the private sector and the Government will translate it into action," the President said.