In order to boost trust in the economy, the Bank of Ghana (BoG) has emphasized how important it is to maintain rigorous fiscal discipline.

This declaration is made in the face of mounting worries about the soundness of the nation’s economy.

The BoG said that “on fiscal policy, expenditures outpaced revenue growth in the first quarter, reflecting the frontloading of IPP arrears payments” in a news release issued on Monday by the Monetary Policy Committee.

“Maintaining strict fiscal discipline for the rest of the year will be crucial to strengthen confidence in the economy.”

The BoG went on to say that maintaining fiscal restraint is crucial to keeping budget deficits from getting out of hand, which could result in inflation and other issues with the economy.

“It also helps to maintain investor confidence, which is crucial for attracting foreign investments.