Economist and Statistician, Professor Eric Osei-Assibey, has projected that Ghana’s fiscal outlook of the local economy would reduce to about 6.6 per cent by the close of 2023.

According to him, his prediction is premised on the government’s fiscal consolidation measures established as it seeks a $3billion International Monetary Fund (IMF) bailout by May 2023.

In their recent projections, Fitch Solution pegged Ghana’s fiscal outlook at 6.6 per cent while the IMF predicted that the fiscal outlook of the country will be pegged at 7.3 percent.

Speaking on the theme: "Ghana’s Medium-Term Outlook; Navigating through Economic Uncertainties amid an IMF at DBG/GAB economic presentation", Professor Eric Osei-Assibey was optimistic that government will reduce its expenditure drastically to keep a positive economic outlook.

“The projection is that the fiscal outlook looks positive. There is going to be an improvement in the fiscal deficit which stood at about 10.4%. As of last year, 2020, it was 11.2%. This is going to reduce to about 6.6%,” he said.

He added that “What explains that is because of the front-loaded fiscal consolidation. We expect revenue performance to be good because of the new taxes bills that have been passed. We expect significant expenditure cut and government interest payment obligation will reduce for both domestic and external."

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