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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    We want Ghanaians to own 30% of MTN Ghana shares by end of 2022 – GROUP CEO

    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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IMF will demand structural reforms for bailout – Kofi Arkaah

bycitibusinessnews
August 4, 2014
in Business, Top Stories
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Economist and Analyst, Kofi Arkaah is predicting that the International Monetary Fund (IMF) will demand a rationalization of Ghana’s wage bill among other structural changes as part of the bailout programme to Ghana.

According to him the IMF  will only provide you money when the necessary  structural programmes are addressed. ‘’For example they [IMF] will not provide any financing if the wage bill is not addressed. I can promise you that, it doesn’t matter if you are getting financing for that wage from somewhere else; they will not, he said.

Speaking on the Citi Breakfast Show on Monday Mr. Arkaah noted that government has to definitely take a decision on the wage once Ghana is on the IMF programme.

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IN 2013, Ghana’s wage bill accounted for around 70 percent of government’s tax revenue.

Government has already hinted that it plans to reduce the public sector wage bill to 35 percent of government revenue for the next three years to restore macroeconomic stability.

‘’ The government wage bill is just too high,’’ he added.

Mr. Arkaah said  the bailout program will also consider the budget overruns mostly in election years.

He further stated that the removal of the fuel subsidies was on the advise of the IMF. ‘’… the only [home grown solution] implemented is the removal of fuel subsides which actually came from the IMF,’’ he said.

‘’ … I haven’t seen any thing that has been home grown,’’ he reiterated.

The economist opined that in the current economic crisis it is  ‘’prudent’’ for Ghana to sign up for an IMF programme but noted that announcing you are going to the IMF won’t stabilize the Cedi. ‘’It will stabilize if we industrialize,’’ he suggested.

 

By: Evans Effah/citifmonline.com/Ghana

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