Business News of Thursday, 21 June 2018
Government needs all the support it can get to attain the primary target set by the President Akufo-Addo during his term in office. In view of this, Vice President Dr. Mahamudu Bawumia has stated that one of the key ways to facilitate the process will be to employ the generation of government revenue from domestic resources, from tax or non-tax sources (royalties, licenses, levies or other forms of income).
Citing the words of the President, he stressed that there was the need for Ghana to walk the talk which requires that government breaks away from dependency on other countries for bailouts.
“… too early on this path, but we believe that we’re on the right side of history. We will continue to maintain fiscal and debt sustainability to ensure that we reach our ‘Ghana Beyond Aid’ height… we want to see this transformation within a generation. Domestic mobilization is going to be key to making sure we achieve the Ghana Beyond Aid”, Bawumia stated.
Speaking at the African Transformation Forum organised by the African Center for Economic Transformation Dr. Bawumia further noted that tackling corruption effectively as well as having value for money in expenditure was equally important in helping attain NPP government’s slogan.
“…but we also have to have value for money in our expenditure and be able to tackle corruption effectively. Our actions and policies to date may seem little things but they are in fact quite major. They have potentially big impact on developing this country” he added.
President Akufo-Addo recently inaugurated a 13-member committee to develop a Charter for the ‘Ghana beyond Aid’ vision of his administration.
The Committee had been given a deadline of September 2018 to present to Parliament, a roadmap for the achievement of the vision that seeks to harness and prudently manage the country’s vast natural resource to finance Ghana’s development agenda without recourse to foreign assistance.
The document is expected, after approval by the legislature, to become the policy document to guide the actions of government as well as those of the various stakeholders in the country.
The Committee, chaired by Senior Minister Yaw Osafo Marfo, includes Finance Minister Ken Ofori-Atta, Labour and Employment Minister Ignatius Baffour Awuah, Planning Minister Prof. Djan Baffour and the Local Government Minister, Hajia Alima Mahama.
Others are Dr Anthony Yaw Baah and Mrs Philomena Sampson, both of the Trades Union Congress, Mr David Ofori Acheampong of the Ghana National Association of Teachers, and Messrs Kwaku Agyeman-Duah and Nana Osei Bonsu of the Private Enterprise Federation.
The rest are Dr Yaw Adu Gyamfi of the Association of Ghana Industries, Dr Eric Yeboah of the office of the Senior Minister and Dr Yaw Ansu, a senior policy adviser at the Finance Ministry.
Convened by the African Center for Economic Transformation(ACET), the ATF is the leading event on economic transformation in Africa. Following the inaugural event in 2016, this year’s Forum brought together leading figures from Africa’s public and private sectors to discuss policies and partnerships that can drive sustainable growth and investment across the continent.
Key themes included modernizing manufacturing and agriculture; harnessing Africa’s extractive sector; fostering technological innovation; improving skills and creating jobs; tackling climate change; and strengthening regional integration.