The Institute of Economic Affairs, Ghana (IEA) has outlined seven key policy initiatives it believes can assist rebuild the economy of the country after the Covid-19 pandemic.
According to a statement issued by the Institute on Friday, the current health crisis has extensively disrupted the steady economic growth of the country hence, its recovery will be difficult.
The IEA however, suggested that should the policies which includes, “Fiscal policy, scaling up revenue, reforming expenditure, monetary policy, natural resource policy, agricultural policy, and industrial policy,” be adhered to, the current economic situation could change for the better.
For the Institute, these well-coordinated and comprehensive policies is the only way Ghana can avert any looming economic crisis post the pandemic.
Explaining how the country can scale up its revenue income, the IEA suggested that government reduces tax evasion enjoyed by some selected companies and also focus more on the informal sector.
According to the Institute, the informal sector is ‘almost entirely outside the tax net’ although the sector contributes nearly 30 per cent of the country’s Gross Domestic Product (GDP).
“Government’s initiative to digitise the economy is welldirected to bringing the informal sector into the tax net. This effort should be supplemented by leveraging new information and communication technologies, such as mobile money and other tech platforms,” the press read.
On reforming expenditure, the statement expressed worry over the excessive expenditure on wages payment and debt services adding that Ghana sacrifices its capital needed growth on these bills.
It, therefore, recommended government “implement the long-delayed public sector reforms to downsize the sector and make it more efficient and productive.”
Latest Stories
-
About 95% of PWDs in Obuasi have source of livelihood – MCE
3 mins -
Immigration Service intercepts 54 gallons of fuel
5 mins -
Election 2024: Roman Fada selected as flagbearer for Ghana Freedom Party
14 mins -
Bawumia to launch Ghana’s credit scoring system on Nov. 7
17 mins -
Alan to combat galamsey with strategic youth-centred business model
21 mins -
Agona Swedru chiefs commit to ending child marriage within their jurisdiction
34 mins -
Sunyani Traditional Council endorses Bawumia – NAPO government
37 mins -
Adutwum defends double track in Free SHS, citing research and positive outcomes
42 mins -
‘Prevent and condemn illegal pressure on Judiciary’ – AG to GBA
46 mins -
Mahama alleges biased development allocation by NPP
48 mins -
Do not rely solely on foreign investments for your operations, business told
52 mins -
Boeing strike ends as workers accept new contract
2 hours -
GAF will not relent in its quest to counter external threats – GOC Southern Command
2 hours -
Election 2024: Bawumia reiterates commitment to promote sustainable mining practices
2 hours -
Ensign Global College promotes health and community well-being at Ngmayem Festival 2024
2 hours