An Economist and Professor of Finance at the University of Ghana Business School says although the International Monetary Fund (IMF) Board is expected to approve a support programme for the country, Ghana is not out of the woods yet.
According to Prof Godfred Bokpin, the real work to achieve a sustainable economy is yet to start when the Fund gives us the programme.
Speaking on JoyNews’ PM Express on Tuesday, the Economist said the requirements of the IMF programme could be detrimental to local businesses.
As such, it is time for stakeholders to roll their sleeves and work earnestly to achieve the country’s economic independence.
“In as much as a board approval represents good news we need to be a bit cautious. This is because, when you open the programme it will be work. The first release is a statement of intent, the subsequent instalment will be based on performance. So I’ll urge Ghanaians to wait and see what is in the programme itself. What are the structural benchmarks? What are the fiscal reforms?
“Don’t forget that the Board approval is good news, there are targets that we have to meet every six months of the programme review. Part of the target may include our tax to GDP ratio of 18% the strategy of increasing tax revenue could impact negatively businesses. If we don’t adopt optimal tax handles. So if you ask me, it is time to roll our sleeves and get to work. It is not time to pop the champagne,” he said.
The government will receive $1.2 billion this year after the government gets an IMF board approval. About $600 million would be disbursed to Ghana within a week, once Ghana’s programme is approved by the Executive Board of the IMF and the second tranche of disbursement would be expected by December 2023.
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