Veep Amissah Arthur attributes reduction in deficit to GDP to gov't's fiscal discipline
 

Vice President Kwesi Amissah-Arthur says government’s three-year fiscal consolidation and extended credit facility has helped in reducing the country's deficit to GDP from 72 to 63 percent in the first quarter of 2016. 

He said this is creating the conditions for economic growth. 

Vice President Amissah-Arthur said this when Chief Executives of Standard Chartered Bank from sub-Saharan Africa and the Middle East led by the Regional Chief Executive Officer, Sunil Kalchal paid a courtesy call on him at the Flagstaff House in Accra. 

He reiterated government's resolve not to overspend its budget this year, since it is an election year.

The courtesy call was to thank government for supporting the bank when it went through some challenges last year. 

The support helped the bank to emerge stronger which has manifested in its strong performance in the country's financial and banking market. 

Vice President Amissah-Arthur said so far, government is on course in operating within its budget. 

He said it will be useful for the government in the medium term to stay on course till the end of the year. 

Mr Kalchal said at the end of the bank's meeting in Accra, a major investment policy will be announced to support Africa's economic growth. 

This is because inspite of the challenges the global economy is going through, Africa's economy has remained resilient. 

The quarterly meeting of the bank is taking place in Accra because Ghana is one of its biggest markets in sub-Saharan Africa. 

It also coincides with the 120th anniversary of the Standard Chartered Bank in Ghana. 

About 25 Chief Executive Officers of the bank are attending the quarterly meeting. 

GBC