Domestic resource mobilisation key to Ghana Beyond Aid – Bawumia

Domestic resource mobilisation key to Ghana Beyond Aid – Bawumia
Source: Ghana|Myjoyonline.com
Date: 04-04-2018 Time: 03:04:36:pm

Government’s desire and ability to mobilise and maximise domestic revenue is an integral part of the President’s vision of a Ghana Beyond Aid, Vice President Dr Mahamudu Bawumia has said.

He said government is putting in place the necessary blocks, such as the issuance of a national ID Card, a National Digital Property Addressing System, and the use of a Tax Identification Number (TIN) to access key services. 

At the ongoing Conference in Accra Wednesday on Moving Ghana Beyond Aid - Revenue Mobilization, Dr Bawumia reiterated government’s commitment to developing Ghana using domestic revenues and ingenuity.

The Conference, organised by the Africa Centre For Economic Transformation in collaboration with Finance Ministry and the International Monetary Fund (IMF), is being attended by countries which have signed on to the G20-Compact With Africa (CWA) including Benin, Cote d’Ivoire, Egypt, Ethiopia, Guinea, Morocco, Rwanda, Senegal, Togo and Tunisia.

Outlining a number of measures government is implementing to strengthen the economy and boost domestic revenue growth, the Vice President said President Akufo-Addo’s vision of Moving Ghana Beyond Aid has been moved beyond "mere rhetoric."

“Judging from our history and our vision for the future, there is no doubt that we need to rethink how we develop as a country.

"It has become obvious that we need to be more efficient and effective in managing our resources to ensure rapid economic growth and transformation. Going beyond aid is an inevitable conversation, and we can choose to confront it now or postpone it to our peril," he added.

According to him, the time for the country to continue to rely "on the inexhaustible charity of donor projects to build schools to educate our children, provide adequate health services for a healthy Ghana, provide safe and adequate water, provide sanitation services for a clean Ghana, provide law and order for a good society,” is over. 

One of the key pillars of the vision of moving Ghana beyond aid, Vice President Bawumia reiterated, was to enhance domestic revenue, while pursuing a more transparent, prudent and accountable use and management of public resources.

“For now, Ghana Beyond Aid is resting on five pillars: First, and most obvious, is to enhance domestic revenue mobilization. And we must do so in ways that do not undermine productive activities or distort private incentives for work.

“Second, is to encourage higher private savings as a source of loanable funds to support domestic credit and capital market, and expand financial inclusion.

“Third, is to pursue a more transparent, prudent and accountable use and management of public resources. Fourth, is to leverage our resources that are buried deep in the ground for development in more innovative ways than the conventional model of royalty and tax regimes.

“Fifth is innovative mobilization and use of external resources in the emerging development finance landscape.”

Dr. Bawumia urged conference attendees to come up with new ideas and new and better ways of improving revenue collection.

“How can technology help? How do we minimize human interface and the risk of collusive behaviour in avoiding and evading taxes? I will encourage resource persons and participants to help us address these challenges. 

“Let me assure you that we are committed to implementing policies and operational steps that will put us on a sound footing to mobilize the required revenue for sustainable development,” he said.

 

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