<\/p>\n
The Agbogbomefia of the Asogli State, Togbe Afede XIV, has outlined a raft of strategic proposals aimed at putting the country on the right track to economic and debt recovery.\u00a0<\/span><\/p>\n In a 14-page statement titled \u2018our self-inflicted monumental economic crisis\u2019, Togbe Afede says the economic difficulties coupled with the debt crisis bedevilling the country are government\u2019s own doing hence, the need for a shift in the approach in dealing with the issue.<\/span><\/p>\n Touching on the government\u2019s debt exchange programme, the chief described it as a wrong response to the current economic mess.<\/p>\n He said, the programme will destroy Ghana\u2019s credibility and undermine the progress \u201cwe have made in the development of our capital market\u201d.<\/p>\n Togbe Afede admonished the government to increase taxes on high-income earners, companies, and properties as part of revenue-generating measures.<\/p>\n He also asked the government to introduce taxes on income from tax-exempt government domestic bills and bond investments.<\/p>\n Among alternatives, the Agbogbomefia said \u201cgovernment could decide the following quickly, and make projections of revenue and expenditure accordingly to form the basis of a new strategy in debt negotiations:\u00a0<\/span><\/p>\n 1. Implementation of the most drastic measures necessary to rein in corruption\u00a0<\/span><\/p>\n 2. Increase taxes on high-income earners, companies, and property<\/p>\n \u00a0<\/span>3. Introduction of taxes on income from tax-exempt government domestic bill and bond investments\u00a0<\/span><\/p>\n 4. Immediate re-introduction of road tolls at much higher rates than they were in the past\u00a0<\/span><\/p>\n 5. Suspension of non-essential new capital projects\u00a0<\/span><\/p>\n 6. Suspension of funding of non-essential and unproductive projects like the National Cathedral\u00a0<\/span><\/p>\n 7. Implementation of other expenditure reduction measures to affect, among others, number of political appointments, allowances paid to public sector employees, foreign scholarships, foreign travel, vehicle procurement, and end-of-service benefits.\u00a0<\/span><\/p>\n 8. Freezing of non-essential capital expenditure by major state-owned enterprises (SOEs) and enhancement of their dividend payments to government\u00a0<\/span><\/p>\n 9. Support of private sector investment in infrastructural projects, and\u00a0<\/span><\/p>\n 10. Sale of non-strategic state assets.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" The Agbogbomefia of the Asogli State, Togbe Afede XIV, has outlined a raft of strategic proposals aimed at putting the country on the right track to economic and debt recovery.\u00a0 In a 14-page statement titled \u2018our self-inflicted monumental economic crisis\u2019, Togbe Afede says the economic difficulties coupled with the debt crisis bedevilling the country are […]<\/p>\n","protected":false},"author":1,"featured_media":1202348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[187],"tags":[],"class_list":["post-1264392","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1264392","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1264392"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1264392\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1264392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1264392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1264392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}