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    Ghana’s total exports decline by 9%

    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Excise tax amendment shows positive signs; rakes in GHS 140m 

    Ghana records over $200m trade surplus in two months

    Public debt hits GHS 575.5 billion; now 71.9% of GDP

    GEPA poised to achieve over $4bn target for non-traditional exports

    GRA fights off claims of harassing traders; calls for cooperation

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    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Influx of Chinese tanker trucks will kill local businesses – Kwame Jantuah

    GRA fights off claims of harassing traders; calls for cooperation

    Hanno Barkhoff joins Kempinski Hotel Gold Coast City Accra as General Manager

    WTO Director-General calls for ratification of Fisheries Subsidies Agreement

    B5 Plus is an iconic testament of success of 1D1F initiative – K.T. Hammond

    BoG advised me to streamline Menzgold operations – NAM 1

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    Pharmaceutical Society charged to utilize AI to transform industry

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    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

    Stakeholders in digital ecosystem charged to do more to protect child privacy

    Cyber hygiene key for public safety – Dr. Albert Antwi Boasiako

    Ban on cryptocurrency still in force – Finance Ministry warns

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    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

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    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

    ECO currency challenges: Technical committee attributes delays to external shocks, others

    African leaders emphasize in-continent processing of mineral wealth at climate summit

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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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