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Economic Experts Ask Government To Remove Subsidies On All Products To Restore Economy   
 
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02-Jul-2014  
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Ghana's economy and other world economies are going through recession, financial instability and macro-economic stagnation.

The situation is causing hardships in countries culminating in demonstrations.

Radio Ghana finds out from some financial and economic analysts what they believe should be done to address challenges.

First, the Executive Director of ISODEC, Dr Steve Manteau who said there is macro-economic instability because the managers of the economy have lost control of the financial market.

He said the worse situation now is the fallen value of the cedi to the dollar.

Meanwhile, an Economic Analyst, Isaac Adongo says the current hardship as a result of economic challenges is due to several years of accumulated mismanagement, fiscal deficits and the implementation of subsidy on petrol, diesel and other agricultural products.

Speaking to Radio Ghana on how to address the current challenges, Mr Adongo called for the removal of subsidy on these products to ensure financial stability.

He said that is the only way government can address the financial squeeze.

On taxes and levies and whether or not the Ghana Revenue Authority has widened the tax net to rake in expected revenue for government.

Mr Adongo explains that much is being done in that direction.

He agreed with government's decision to suspend the implementation of the 17% Vat until enough education is done.

On the funding of the Black Stars, Mr Adongo said the appearance fee sent to Brazil is from sponsors and FIFA.

In a related development, the 2012 Presidential Candidate of the PPP, Dr Paa Kwesi Nduom says one of the major problems facing Ghana's economy is the lack of confidence in the economy and the financial sector.

He asked government to stop all new projects and implement only on-going ones to ensure value for money.

Dr Nduom was sharing his views on how to surmount the economic challenges facing Ghana with Radio Ghana.

He touched on the waste in the system as well as the need to tackle corruption head on.

CPP's General Secretary, Ivor Greenstreet, says the financial and economic challenges facing the country is a collective one and must be addressed as such.

In his contribution on finding a solution to the challenges, Mr Greenstreet said there must be conscious effort towards producing and manufacturing finished goods instead of importing all the nation needs to consume.

The Leader of the United Renaissance Party, Kofi Wayo, says Ghana began to face hardships since the overthrow of Osagyefo Dr Kwame Nkrumah.

Commenting on the demonstration over current hardships faced by Ghanaians, Mr Wayo said former President Kuffour must equally be blamed for signing what he says is an unfair agreement by mortgaging Ghana's Oil for 35 years.
 
 
Source: GBC
 
 

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