Former Finance Minister, Seth Terkper, backed the forthcoming Mahama adminis\u00adtration\u2019s initiative to hold a national dialogue aimed at establishing a sustainable strategy for Ghana\u2019s economic recovery and reducing dependence on In\u00adternational Monetary Fund (IMF) assistance.<\/p>\n Speaking on Joy News\u2019 PM Express Business Edition, in Accra on Monday, Mr Terkper, emphasised that the current eco\u00adnomic difficulties facing Ghana highlight the necessity of uniting experts, policymakers, and stake\u00adholders from various sectors to discuss viable solutions.<\/p>\n .\u201cIt is based again on our experience that when you bring together experts and a mix of ex\u00adperts and other strata of society, you can put before them, in more concrete terms, what is needed to achieve the manifesto promises,\u201d Terkper stated, citing the Senchi Economic Forum as a successful precedent.<\/p>\n He cited the 2014 Senchi Eco\u00adnomic Forum as a benchmark for the suggested national dialogue.<\/p>\n Mr Tekper acknowledged that Senchi played a crucial role in implementing several essential reforms that shaped Ghana\u2019s eco\u00adnomic policy under the previous Mahama administration.<\/p>\n \u201cSenchi was what produced smart borrowing. It was where concepts like operationalising the Stabilisation Fund was discussed and implemented,\u201d he explained.<\/p>\n \u201cThe Petroleum Revenue Management Act (PRMA) had been passed in 2011, and by 2013 we started operationalising it. We had to explain to the public that if we did this, the outcomes would be positive,\u201d he stressed.<\/p>\n The former minister expressed regret that several of these mea\u00adsures were either discarded or not fully utilised in the years that followed, which has played a role in the nation\u2019s present economic challenges.<\/p>\n \u201cWe have gone through a pe\u00adriod of difficulty that could have been averted if some of these things had been done,\u201d he noted.<\/p>\n Additionally, he said during his time in office, Ghana\u2019s borrowing strategies were directed towards specific objectives, particularly in managing the expenses related to the Single Spine Salary Structure.<\/p>\n \u201cWe were borrowing through domestic bonds primarily to pay for the Single Spine, not just for other purposes. At forums in places like Ho and Takoradi, we explained to labour that arrears would be paid gradually over time to allow government resources to stabilise,\u201d he recalled.<\/p>\n Mr Terkper claimed that this approach to borrowing, combined with fiscal discipline, enabled the Mahama administration to meet its targets within a two-and-a-half-year timeframe.<\/p>\n The former minister also high\u00adlighted the critical role of public consultation and parliamentary engagement in tackling challenges in Ghana\u2019s energy sector.<\/p>\n Moreover, he recounted the Mahama administration\u2019s intro\u00adduction of the Energy Sector Levy Act (ESLA) as a targeted intervention to address energy sector debts caused by disruptions in gas supply from Nigeria.<\/p>\n \u201cWhen the pipeline from Nigeria was breached, leading to non-supply of gas, VRA and others had to ramp up Indepen\u00addent Power Producers (IPPs).We went to the public and Parliament and said, \u2018Let us use ESLA.\u2019 It had a three- to five-year lifespan, but it provided the strength needed to address the crisis,\u201d Terkper explained.<\/p>\n Terkper stressed that any meaningful economic recovery plan must involve clear commu\u00adnication with the public about the trade-offs and benefits of proposed policies.<\/p>\n Watch the latest edition of BizTech below:<\/b><\/p>\n![\"A](\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/535\/53584186.295.jpg\" "\\"A")
A former Minister of Finance, Seth Terkper<\/span><\/span><\/p>\n<\/div>\n