A banking consultant, Dr. Richmond Atuahene, has warned that Ghana is likely to require another debt restructuring within the next three years if fundamental economic reforms are not implemented.<\/p>\n Dr. Atuahene\u2019s comments come in the wake of the Bank of Ghana\u2019s commissioning of a new $250 million headquarters building amidst the ongoing debt restructuring process.<\/p>\n On Wednesday, November 20, the Bank of Ghana commissioned a new headquarters called the \u201cBanking Square\u201d in Accra, costing a substantial $250 million amidst the significant debt burden on Ghana.<\/p>\n This has fueled debate about the government\u2019s priorities and its commitment to fiscal responsibility.<\/p>\n Speaking on Starr Today, Dr. Atuahene emphasized the need for comprehensive structural reforms to bolster Ghana\u2019s economy, criticizing the government\u2019s approach to taxation and its failure to implement crucial revenue-generating measures.<\/p>\n \u201cWe need comprehensive structural reforms to foster the economy. Anytime you talk about property tax, which is supposed to generate about 9 billion every year, they\u2019ll go and put it on the E-levy, where a common person, a poor man, does. Anytime you talk about this, they downplay it,\u201d Dr. Atuahene stated.<\/p>\n He highlighted the World Bank\u2019s recommendation for Ghana to introduce property taxes as a crucial step towards addressing its debt issues.<\/p>\n He emphasized the significant potential revenue from such taxes.<\/p>\n \u201cThe World Bank is saying that for Ghana to come out of this debt issue, we need to put some taxes in, property tax. Accra alone is going to give us 5 billion; Kumasi will give us 3 billion and others, and that alone will mitigate the hardship that we\u2019re going through at the moment. All these are not being done,\u201d he explained.<\/p>\n Dr. Atuahene linked the lack of these crucial reforms to Ghana\u2019s precarious financial situation and predicted another debt restructuring.<\/p>\n \u201cSo the debt overhang, if we don\u2019t take these measures and put them right, Ghana is not going to recover. No one claims what he hasn\u2019t got. Our total export \u2013 gold 1.2 billion, cocoa 1 billion \u2013 our total inflows cannot help us pay the debt, which is why we are going to restructure. And if we don\u2019t take care, Ghana will go for another debt restructuring in the next three years because the inflows will not be able to meet the debt repayment,\u201d he warned.<\/p>\n Watch the latest edition of BizTech below:<\/b><\/p>\n![\"Banking](\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/689\/68959984.295.jpg\" "\\"Banking")
Banking consultant, Dr. Richmond Atuahene<\/span><\/span><\/p>\n<\/div>\n