The Ghana Charismatic and Pentecostal Council has appealed to incumbent President Nana Akufo-Addo to introduce practical austerity measures to save the economy.
According to the Council, reducing the size and spending of government can help save the current economic turmoil.
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In a statement, the GPCC also called on the government and other stakeholders to work together to establish a national dialogue forum for regular consultation and engagement on relevant issues of national concern.
“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 domestic debt swaps do 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.”
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“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.”
The call from the GPCC follows similar calls from the opposition National Democratic Party and some civil society organizations that have advised the government to cut staff to cut costs.
