Even though the country’s economic challenges can be traced back to global events, he believes the government must take immediate action to correct the situation.
To that end, he suggested revising some of the government’s flagship policies, such as the Free SHS policy.
“I believe the sanitation levy, as well as all other fuel levies, could be revised downward in a way that will help Ghanaians.”
“Otherwise, the rate at which fuel prices are rising will undoubtedly affect people’s livelihoods and may not bode well for us, so we must work carefully on that.”
He revealed this during an interview with Ernest Kojo Manu on Joy FM’s Midday News.
“Additionally, there should be expenditure rationalization; where we believe we can postpone certain expenditures, we can do so in order to reduce government spending.” It’s not just a matter of increasing revenue; it’s also a matter of managing your spending within the constraints of your available resources.
“Some vehicle procurement and other things can be postponed.” “We can get those items when things get better,” he said.
“Some of the flagship programs; perhaps it’s about time we reviewed them,” Professor Quartey added. If the government approaches Ghanaians and tells them, “Look, we said we’d do this, Free SHS and other flagship programs.” But, as you can see, times are tough.
Not due to our own fault, but also due to global issues, let us perhaps suspend some of it or revise the numbers or someone’s support downwards. I believe Ghanaians will embrace this so that we can redirect these resources to more pressing issues.”
Meanwhile, President Akufo-Addo and some cabinet members, including Members of Parliament and government appointees, are meeting in a hasty retreat to decide on appropriate corrective measures to address the current economic challenges.
According to JoyNews sources, the meeting, which is scheduled to end on Sunday, March 20, will consider prudent steps that can be taken to address the country’s fiscal challenges.
The retreat will cover topics such as the contentious E-levy Bill and a bailout from the International Monetary Fund.
In a related development, the Institute of Economic Affairs is urging the government not to seek financial and economic assistance from the International Monetary Fund if it can implement some of the key measures that Bretton Woods is known to prescribe for members seeking its assistance.
“I suggest below measures that I believe the Government and Bank of Ghana can take to help build the needed policy credibility, restore the economy to some level of sanity, and make going to the IMF unnecessary,” the IEA said in a statement.
Source: Joyfm
