\n
Renowned economist, Dr. Nii Moi Thompson, has cautioned that the current IMF programme for Ghana will likely have a negative impact on revenue shortfalls.<\/p>\n
He argued that the government has not implemented measures over the years to address the revenue deficit, leaving revenue sources in disarray.<\/p>\n
During an interview with Accra-based Channel One TV, Dr. Thompson also accused the government of failing to provide the necessary credit and lending for businesses to thrive, instead burdening them with taxes, leading to a high cost of doing business.<\/p>\n
\u201cGhana has historically overshot its wage bill by a staggering 9%, while simultaneously experiencing a revenue shortfall of approximately 4%,\u201d the economist is quoted by citinewsroom.com to have said.<\/p>\n
He added that, \u201cSince 2008, every single year, we have exceeded our wage bill by almost 10%. And over that same period on average, we have had revenue shortfalls of around 4%. You see the contradiction emerging \u2013 your revenues are falling short in terms of budget. So actual and budget, it\u2019s falling short by an average of 4%. But you\u2019re exceeding your wage bill by almost 10%. Then the third element is a shortfall in capital expenditure, which is also around 4%. It\u2019s like a perfect storm. You\u2019re not investing enough in your economy, and as a result, you are not collecting enough revenue.\u201d<\/p>\n
\u201cI see a slight decline in the wage bill for the estimated figures for last year [2022], we don\u2019t have the final. But the others remain the same, revenues continue to fall short. And it will actually get worse as the IMF program is implemented. Because sources of revenues are business activity growth, and here you are strangulating them. By not giving them credit, raising the cost of doing business, tariffs, electricity tariffs, and so forth, we can expect this to get very difficult as we go on,\u201d he explained.<\/p>\n
The former Director-General of the National Development Planning Commission (NDPC) concluded that the current IMF program will worsen the country\u2019s revenue shortfall, leading to further economic downturn.<\/p>\n
\u201cThe IMF programme as it is now can never solve our problems; it will only make it worse,\u201d he asserted.<\/p>\n
Ghana is currently awaiting the IMF Board to approve the disbursement of the third tranche of bailout funds made up of US$360 million. The country has also secured a deal with the Official Creditor Committee on the terms of a debt revamp of external debt.<\/p>\n
MA\/AE<\/p>\n
Source:\u00a0<\/strong>www.ghanaweb.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Renowned economist, Dr. Nii Moi Thompson, has cautioned that the current IMF programme for Ghana will likely have a negative impact on revenue shortfalls. He argued that the government has not implemented measures over the years to address the revenue deficit, leaving revenue sources in disarray. During an interview with Accra-based Channel One TV, Dr. […]<\/p>\n","protected":false},"author":1,"featured_media":191281,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-191280","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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