An economist, Professor William Baah-Boateng says the economy is yet to fully recover from the havoc caused by the COVID-19 pandemic, despite the 5.4% growth recorded last year.
According to him, some areas must still improve to help build the necessary shock absorbers.
He disclosed this when he appeared on PM Express Business Edition to discuss “labour agitations and the economy.”
Professor Baah-Boateng argued that despite the strong growth numbers, Ghana’s exposure to Russia’s invasion of Ukraine could affect the gains the country has made so far.
According to him, the recovery will be fully achieved in the next two years.
Ghana’s economic growth and recovery
The 2021 Gross Domestic Product (GDP) estimates indicated that the economy grew by 5.4%, but 5.9% with respect to non-oil.
This was fueled by the strong growth of the Information and Communication, Water and Sewage, and Hotel and Restaurants.
again, on quarter-on-quarter performance, the economy grew strongly.
But Prof Baah-Boateng said the economy is still recovering.
“The recovery can be described as 60%, adding, there is still some more work to be complete".
Revenue and the Economy
Professor Baah-Boateng also maintained that a lot more needs to be done by the government to help improve the situation.
Government is hoping to realise some ¢100.5 billion as revenue by end of 2022.
But the Head of Economics Department at the University of Ghana argued that the Ghana Revenue Authority may also have to review its approach to tax collections to help achieve the said target.
He added that “it’s unfortunate that everything has been about the E-Levy.”
E-Levy
Professor Baah-Boateng expressed worry with the approach adopted by the government with regard to the E-Levy.
He maintained that government should have rather considered tax on the charges by the telecom firms on mobile money transfers, adding “it would have taken the burden a lot of individuals".
“If MTN for instance is making ₵1 billion on the charges then 1% should have been placed on that rather.”
Professor Baah- Boateng also expressed worry about the impact of E-levy on the digitalisation agenda of the government.
Latest Stories
-
Pay NABCO trainees – Mahama challenges Bawumia
26 seconds -
Police ‘waiting for court date’ on Erastus’ case is a lie – Samson Anyenini
11 mins -
Sports facilities are better managed by institutions – UG Sports Director on maintenance of Legon stadium
41 mins -
Ghanaian businesses must align vision with strategy to mitigate ESG Risks – KPMG
51 mins -
MTN achieves 30% localisation of Scancom PLC
52 mins -
Attorney-General: Some lawyers sacrifice ethics for ‘cheap’ political gains
1 hour -
Bond market: Volume up by 12.45% to GH¢746m
1 hour -
Cedi records year-to-date loss of nearly 29%; one dollar going for GH¢17.10
1 hour -
‘Our priorities are wrong in Ghana’ – UG Sports Director on sports development
1 hour -
The Fourth Estate’s investigative report wins 2nd place at 2024 AIJC
2 hours -
GPL: Our fans spur us on – GoldStars head coach Frimpong Manso on unbeaten run
2 hours -
Plantain chips are breaking hearts in Africa
2 hours -
61 new architects acquire state license to practice in Ghana
3 hours -
Masloc CEO honoured as capacity building Shero of the Year
3 hours -
MPs’ Repeated Attempts to Sue the Speaker: Unintended Consequences for the 2024 Elections?
3 hours