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    BoG cautions against use of Ghana Cedi for bouquets and hampers

    CUTS International pushes for passage of Competition bill

    DBG partners UGBS to deepen development finance

    GH¢5.5bn approved by Parliament not only for Blackshield customers – SEC

    BoG assures of enhanced educational campaigns to ensure proper handling of local currency

    Youth in Accountable Governance calls for passage of outstanding revenue bills

    GRA reiterates calls for businesses to embrace  E-VAT

    IES predicts drop in fuel prices from April 1

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    Bank of Ghana increases Monetary Policy rate to 29.5%

    Industry experts convene to discuss diversification strategies for pension funds

    It’s time to give women top posts in multilateral institutions – GCBL Chairman 

    Global Chamber of business leaders enters into partnership with IEFS

    Gold for Oil policy will save Ghana $4.8bn annually – Veep

    Energy Minister scheduled to speak on Ghana’s near-term opportunities at NAEPEC 2023

    Standard Chartered appoints Ebenezer Twum Asante as Chairman of Board of Directors

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    Cyber Security Authority commences licensing and accreditation regime

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    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

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    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

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NDC strategy collapsed IMF program – Kwaku Kwarteng

bycitibusinessnews
May 17, 2017
in Banking And Finance, Government, Local Economy, Top Stories
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A Deputy Finance Minister, Kwaku Kwarteng, has blamed the past NDC government for what he says is the failure of the economic assistance program with the International Monetary Fund (IMF) to address Ghana’s economic challenges.

According to him, the strategy adopted by the past government was not an appropriate means to ending the prevailing economic issues at the time.

“We have seen in the recent past the growing gap between our income and expenditure, when it became too difficult to handle, we went to the IMF for support and for a long time we had hoped that this would bring us the required remedy, the evidence is there for all to see it didn’t and this was because the strategy was not right,” Kwaku Kwarteng opined.

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Ghana’s rising budget deficit, rising debt to GDP ratio as well as declining economic growth, prompted the past NDC government to seek external help from the IMF in 2015.

The government entered into an agreement for the Fund to support economic growth with a 918 million dollar extended credit facility.

The country is however yet to see a complete turnaround in its fortunes as debts continue to rise, inflation has started increasing after declining for sometime as well as budget deficit due to low income compared to rising public expenditure.

Though the deal is expected to end in April 2018, discussions of a possible extension have engaged the current government and the Fund.

Kwaku Kwarteng however believes the NPP’s focus on private sector growth will reverse the trend.

“As a new administration, we have chosen to move from taxation to production therefore we have introduced many tax incentives to make sure that the private sector will perform and deliver and provide more revenue to make the fiscal consolidation really possible,” he asserted.

Mr. Kwarteng made the remarks at the swearing in of the Board of the Ghana Revenue Authority on Tuesday.

He among others charged the new board to work to increase revenue and bridge the fiscal deficit gap.

The GRA Board is chaired by Mr. Harry Owusu.

Members comprise GRA Commissioner, Kofi Nti, Deputy Trade Minister, Carlos Ahenkorah, First Deputy Governor; Millison Narh.

Other members include; Ernest Akore, Col. Kojo Damoah, Adelaide Ahwireng, Juliana Addo-Yobo and Major Ablorh-Quarcoo.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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