A lecturer of the University of Ghana Dr. Hayford Ayerakwa, has commended the government for its cost-cutting measures.

This comes on the back of Minister for Finance, Dr. Mohammed Amin Adam’s mid-year budget presentation to Parliament on Tuesday, July 23, 2024.

He outlined a number of cost-cutting measures that the government intends to implement.

“The stabilization is real. We are determined to be more efficient, strategic, and intentional to entrench fiscal consolidation and strongly promote growth,” he stated.

The Finance minister further stated that the government would spend within appropriation, and in line with that would “reinstate the fiscal rules on the five percent deficit threshold, which we suspended in 2020, in 2025.”

Speaking on Morning Starr with Lantam Papanko, the economist said the cost-cutting measures should be implemented, adding that “it is extremely important to us.”

“I mean one of the other notable things is, you know, the various cost-cutting measures that were announced. The government obviously wanted the mid-year budget review to reflect the times that we are in, and so, yeah, is it a step in the right direction in all of those measures that were announced?

“Absolutely. I mean, any government that makes an effort to cut down expenditure is commendable, except that under the current dispensation that we find ourselves in, it is extremely important to us,” Dr. Hayford said.