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By Kwabia Owusu-Mensah<\/p>\n
Kumasi Nov. 01, GNA \u2013 A Development Planner has asked the government to take immediate steps to build a national consensus towards building a robust economy. \u00a0<\/p>\n
\u00a0\u00a0 Mr Nyaaba Aweebo Azongo said this was important for developing a homegrown solution to the socio-economic challenges. \u00a0<\/p>\n
\u00a0\u00a0\u00a0\u00a0\u00a0 Speaking to the Ghana News Agency in reaction to the President\u2019s address on the current state of the Ghanaian economy, he said the measures announced would not fully address the critical situation. \u00a0<\/p>\n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 He said without a broader stakeholder consensus, the government\u2019s interventions would only be as \u201clittle drops of water in a mighty ocean of development crisis\u201d. \u00a0<\/p>\n
\u00a0\u00a0\u00a0\u00a0 Mr Azongo said the address should have also included massive expenditure cuts in the short term. \u00a0<\/p>\n
\u00a0\u00a0\u00a0\u00a0 \u201cHis two years left could have been devoted to the building of a common development consensus as a path for Ghana, after a massive cut in waste: size of government, ban foreign travels and only for extreme circumstances, realigning ministries,\u201d he told the Ghana News Agency. \u00a0<\/p>\n
\u00a0\u00a0\u00a0\u00a0 Mr Azongo said government policies should drive citizens\u2019 participation in the development process and expressed the hope that this would be given urgent attention.\u00a0<\/p>\n
\u00a0\u00a0\u00a0 The government has announced sweeping measures to curb the rising cost of living, especially fuel and food, to boost the country\u2019s faltering economic growth. \u00a0<\/p>\n
\u00a0\u00a0\u00a0 In a televised address to bring the country up to speed on the economy, President Nana Addo Dankwa Akufo-Addo outlined with optimism a raft of new measures, which he said would break the pace of the current economic downturn. \u00a0<\/p>\n
\u00a0\u00a0\u00a0 The actions include improvement in revenue collection from the current tax-revenue to GDP ratio of 13 percent to between 18 to 20 percent, review of the reforms in the energy sector, capping of statutory funds, implementation of the exemptions Act and a new property rate regime. \u00a0<\/p>\n
\u00a0\u00a0\u00a0\u00a0 He said the Government would also continue with the policy of 30 percent cut in the salaries of political office holders, including the President, Vice President, Ministers, Deputy Ministers, Metropolitan, Municipal and District Chief Executives, and State-owned Enterprises appointees in 2023, as well 30 percent cut in discretionary expenditures of Ministries, Departments and Agencies. \u00a0<\/p>\n
\u00a0\u00a0\u00a0 The plan also targets a reduction of total public debt to GDP ratio to some 55 percent by 2028, with the servicing of external debt pegged at not more than 18 per cent of the country\u2019s annual revenue also by 2028. \u00a0<\/p>\n
\u00a0\u00a0\u00a0 It would also prioritise imports,and review the management of foreign exchange reserves in relation to imports of products such as rice, poultry, vegetable oil, toothpicks, pasta, fruit juice, bottled water and ceramic tiles, and others. \u00a0\u00a0<\/p>\n
GNA \u00a0<\/p>\n