Trade: Stakeholders want harmony in monetary, fiscal policies

Stakeholders in data and financial services sectors have called for a consistent policy harmonisation between the country’s monetary and fiscal policies to align with trade, exchange and income policies.

They made the resolution in a communique issued at the end of the Data Services and Resources (ADSR) 2022 end of year webinar with title ‘2023 in Perspective’ on Saturday.

The communique advised that the country’s apex bank needed to avoid political interference in its policies as much as possible and monetary policies seen as targeting the set macroeconomic objectives.

It suggested that government policy actions should adopt consultation, execution, communication and evaluation approach to engender public and investment confidence.

According to the communique, investment friendly policies should be pursued with rigour to attract foreign and domestic investors thereby aiding the supply-side performance.

”Measures to raise the absorption capacity should be initiated and implemented to the letters.

”Measures to reduce high cost of transportation, including the ongoing infrastructure development should be sustained.

”Reducing the country’s cost of governance is critical for its fiscal sustainability, particularly as domestic resources mobilisation is low.

”There is the need to align the country’s annual budgets to its Development Plans and Sub-national Plans should also draw link with national plans for effective implementation outcomes,” it said.

The communique also emphasised the need for improved investment in education and redesign of educational curriculum for effective human capital development.

It said that redesigning the curriculum would help to unleash the power of digital technology to create values for the people.

The stakeholders in the communique also said that the country needed to tap into the global sustainable finance drive to attract capital into key sectors of the economy. (NAN)