President John Mahama says workers can expect an improvement in their finances beginning 2017 when the economy will be set to bounce back strongly.
Speaking in an interview with Brong Ahafo Radio Thursday, President John Mahama indicated that his administration’s hard work will pay off when the economy takes off next year.
His comments provided a sneak peek into his May Day speech where the President is expected to address worker’s concerns about the economy.
Labour have been quick to point out that increases in utility tariffs have gone up by 182.75% since 2013 and water has seen a 144.84% jump within the same period.
A deregulated petroleum sector has also seen transport fares increased.
Meanwhile, public sector workers have had their basic salaries increased by 13% in January 2015.
While commending workers for their solidarity and cooperation with the government, President Mahama asked them to expect their “fair share” of an improved economy.
He admitted that workers faced economic difficulties because of factors such as high inflation and interest rates.
“Inflation has started slowing and we expect that by the end of the year, it will come down from 18% to about 12% or 13% and next year, we expect it to go into a single digit,” Mahama stated at his ‘Accounting to the People Tour’ in the Brong Ahafo region.
From a 19% high in January 2016, government has targeted that inflation would go down to about 10% by the end of the year.
Single digit will be achieved in 2017, the president said. It is a feat last achieved in 2012.
The President also wants Ghanaians to find assurance in an IMF prediction that Ghana’s economy will experience “phenomenal growth”.
Slow growths of 3.4% in 2015, an expected 3.3% in 2016 could jump to 6% in 2017, International Monetary Fund (IMF) has predicted.
In an election year where political expediency threaten sound economic policy, government hopes to keep within its public expenditure targets if 2017 would hold any promise for workers.