{"id":54633,"date":"2023-04-05T12:29:07","date_gmt":"2023-04-05T12:29:07","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/04\/05\/some-state-institutions-are-so-inefficient-they-just-drain-the-public-purse-ben-boakye\/"},"modified":"2023-04-05T12:29:07","modified_gmt":"2023-04-05T12:29:07","slug":"some-state-institutions-are-so-inefficient-they-just-drain-the-public-purse-ben-boakye","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/04\/05\/some-state-institutions-are-so-inefficient-they-just-drain-the-public-purse-ben-boakye\/","title":{"rendered":"Some state institutions are so inefficient, they just drain the public purse &#8211; Ben Boakye"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"664\" height=\"441\"  alt=\"\" title=\"Ben-Boakye-ACEP-e1564555229185\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/04\/1680697747_124_Ben-Boakye-ACEP-e1564555229185.jpg\" data- class=\"entry-thumb td-modal-image lazyload\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"664\" height=\"441\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/04\/1680697747_124_Ben-Boakye-ACEP-e1564555229185.jpg\"   alt=\"\" title=\"Ben-Boakye-ACEP-e1564555229185\"\/><\/noscript><\/div>\n<p><strong>The Executive Director of the Africa Centre for Energy Policy (ACEP) Ben Boakye has noted that resources are being given to some inefficient state institutions.<\/strong><\/p>\n<p>This, he said, is draining the public purse.<\/p>\n<p>Speaking at the 3Business Economic Sustainability Summit held in Accra on Tuesday, April 4, he said \u201csome of the institutions are so inefficient, we drain the public purse.\u201d<\/p>\n<p>He further accused governments of Ghana of not planning for emergencies in their budgets and hence spend anyhow during difficult times.<\/p>\n<p>\u201cwe are spending far more than we generate as a country,\u201d Mr Boakye intimated.<\/p>\n<p>\u201cYou can\u2019t spend 52 percent more than your revenue and expect some magic, we don\u2019t plan for emergencies, \u201d he stressed.<\/p>\n<p>He urged all stakeholders to track government behavior when it comes to revenue utilization.<\/p>\n<p>A professor at the University of Ghana Godfred Bopkin for his part said seventy percent of the Government\u2019s total revenue goes into debt servicing.<\/p>\n<p>This leaves very little for other spending, he added.<\/p>\n<p>he said 70 percent of all our domestic revenue goes to debt servicing, it leaves very little space for growth and enhances spending.<\/p>\n<p>\u201cThe IMF debt sustainability concluded that our debt is unsustainable and the meant that we needed to take steps to restructure our debts. what does supposed to mean . MoF eventually told us that in September 2022 our debt to GDP ratio in present value terms was 105 percent and we needed to reduce this it\u2019s to 55 percent by\u00a0 2028.<\/p>\n<p>\u201cGhana is classified as a medium debt-carrying country per the IMF debt sustainability framework.<\/p>\n<p>\u201cSo if you are a medium debt-carrying country\u00a0 then your debt-to-GDP ratio in present value term should not be more than\u00a0 55 percent and Ghana is above 100 percent.\u201d<\/p>\n<p><strong>By Laud Nartey|3news.com|Ghana<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Executive Director of the Africa Centre for Energy Policy (ACEP) Ben Boakye has noted that resources are being given to some inefficient state institutions. This, he said, is draining the public purse. Speaking at the 3Business Economic Sustainability Summit held in Accra on Tuesday, April 4, he said \u201csome of the institutions are so [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":47702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-54633","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Some state institutions are so inefficient, they just drain the public purse - Ben Boakye - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/04\/05\/some-state-institutions-are-so-inefficient-they-just-drain-the-public-purse-ben-boakye\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Some state institutions are so inefficient, they just drain the public purse - Ben Boakye - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Executive Director of the Africa Centre for Energy Policy (ACEP) Ben Boakye has noted that resources are being given to some inefficient state institutions. 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