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In This Issue...Links to the News:
March 11, 2016
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Economist predicts challenging times ahead
Masahudu Ankiilu Kunateh, Ghanadot
Accra, Feb 23, Ghandot -
An economist and a research
fellow at the Institute of Statistical , Social and Economic
Research, University of Ghana,
Dr.Peter Quartey, has predicted
that Ghana ’s economy would face
challenging times in the first quarter of the year as the
economy was more likely to feel the pinch of the global
economic crises.
Dr.Quartey was speaking on the state of the Ghanaian economy
at the first iforum- an investor seminar Series organized by
Ecobank Development Corporation.
He indicated that although the economy was currently
challenged, it was important to make an in-depth assessment
of the true state of the economy before making any comment
so as not to send wrong signals to the investor community.
He decried the poor state of data
and statistics information accuracy
on the Ghana ’s economy which did
not help determine the true state of the economy.
He indicated that the debate over the true state of the
Ghanaian economy should not be limited only to the size of
the budget deficit which stood at 15% of GDP in 2008 spurred
by the large expansion in expenditure, the ever increasing
oil prices on the international market among many others.
Dr.Quartey however warned that such high and un-sustained
budget deficits should be checked since they have
repercussions on the various macroeconomic fundamentals such
as inflation, exchange and interest rates among others.
He however outlined some relief options such as increased
revenue mobilization, improved fiscal discipline and
accelerated growth for consideration by policy makers to
help cushion the economy in these challenging times.
He indicated that major issues
such as the gaping budget deficit, and
decline in revenue were
likely to worsen due to effects of the global financial
crises in terms of exports, remittances, foreign direct
investment and aid flows into the country, hence the need
for government to consider a cut in utility subsidies to
support the growth of Non-Traditional Exports.
He said government should as a matter of urgency, increase
its resource revenue mobilization agencies to minimize
leakages and increase the tax net to rope in the informal
sector.
He said the proposed Fiscal Responsibility Law which aims at
improving fiscal discipline should be enacted without delay
whiles all efforts are made to avoid waste such as
unnecessary per diems associated with workshops and ensuring
efficient use of public vehicles.
Dr. Qaurtey stressed further that there was the need to
ensure proper financial administrative practices to minimize
corruption in the country
On ensuring accelerated growth,
Dr.Quatey indicated that although agriculture still remains
a significant structure of the Ghanaian economy,
the dependency on rain fed
farms and the
use of outmoded basic
implements as opposed to a greater use of
irrigated farms, called for
the need to modernize agriculture to rake in the needed
development.
“Private sector development including agriculture has not
been promoted and remains mere rhetoric. Share of credit to
agric for instance has declined from 9.4% in 2002 to 4.9% in
2007 and 4.2% in 2008.”
He however called for policy directions to reduce cost of
credit and cost of doing business and to
improve access.
Touching on policy options for poverty reduction and
improved livelihood and inequality he mentioned the need to
improve income and reduce inequality. “this should go with
enhanced productivity through vocational, technical skills,
and increased use of improved technology in production “he
said. Ghanadot
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Founder’s
Day, darn good idea
Commentary, Feb 22, Ghanadot - The recognition was
long in coming. Under Kufuor, we saw a copious appreciation
of Nkrumah’s ideas, the capture of some of these ideas, and
the implementation and completion of some major projects
initiated by Nkrumah.
...More |
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Three boys found dead again; Are Ghanaian parents responsible?
Accra, Feb 23, Ghanadot - Three boys were on Saturday
found dead in one of several abandoned cars at a house at Alogboshie near
Achimota in Accra....
More |
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Economist predicts challenging times
ahead
Accra, Feb 23, Ghandot - An economist and a research
fellow at the Institute of Statistical , Social and Economic
Research, University of Ghana, Dr.Peter Quartey, has
predicted that Ghana ’s economy would face challenging times
in the first quarter of the year as the economy was more
likely to feel the pinch of the global economic crises.......More
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Alliance for Accountable Governance welcomes States of
the Nation address
Accra, Feb 23, Ghanadot - Alliance for Accountable
Governance, (AFAG) a pressure group
comprising some lawyers in the country has welcomed the
state of the nation address delivered by the President, Prof
John Evans Attah Mills.....More
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