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Procedures to tackle economical challenges – Prof. Bokpin


A Mentor of Finance, Prof. Godwin Alufar Bokpin, has said the measures proposed by the us government to handle the challenges dealing with our economy are insufficient to come back it to the way of stableness. Prof. Bokpin discussed that the Fund Minister, Ken Ofori-Atta’s, proposals on spending cuts and earnings revitalization were short-term-minded and lacked the ability to get back the confidence of investors for our economy to secure. In a interview with the Graphic Enterprise on March twenty four, in reaction to the raft of measures announced by the Finance Minister, Ken Ofori-Atta, to reboot our economic system and cushion the citizens after huge debts, weak earnings and rising prices of crude petrol and other products pushed the shortage and inflation to unsustainable levels while constraining growth.

Typically the economist with the University of Ghana said Mr Ofori-Atta also fell quick of announcing credible measures to improve earnings generation important to connection the funding difference for the shortage to fall. They noted that issues of compliance and roping more people into the duty bracket needed to receive more attention, especially at a time when our economy was restricted from borrowing. The minister said the measures, which were expenditure-led, involved cutting public spending by up to 20 per nickel and discretionary costs by 10 for every cent.

Mr Ofori-Atta said expenditure reductions would bring about financial savings amounting to GH¢3. 5 billion. Between other things, the Finance Minister said fuel coupon aides to government appointees would be minimize by 50 for every cent. He also announced the inserting of a aufschub on foreign trips as well as being the purchase of new vehicles. Beyond that the minister said the us government was subsidizing fuel prices by GH0. 15 for every liter through the reduction of some margins that accumulate to convey institutions in the downstream oil sector.

Reacting to the measures in an interview, Prof. Bokpin said while they were relevant, the measures lacked the opportunity to address the difficulties. He said the federal government could have used benefit of the problems to lessen the size of government, ask for a comprehensive review of social programs from independent organizations and also suggest strong measures to boost income selection. “This is insufficient and for me personally, it is much below expectations. ”

“This is a good crisis that the country should bring benefit of to have long-term reconstructs, such as decreasing the amount of ministries, ” Prof. Bokpin said. “Can the current economy look after the current size of government? The answer is no. ” “So, we may take benefit of this problems to reduce the size to sixty ministers and also urge the Legislature to follow suit, ” he said. This individual added that the federal government could take benefit of the present situation to commission the Nationwide Development Planning Commission rate, the Institute of Statistical, Social and Economic Research (ISSER) of the College of Ghana, Legon, or some kind of of the other public educational institutions to review the various social programs with focus on value for money.

He said such an action gives the government with objective view about how to deal with the financial pressures emanating from such social programs. Based on him, the special programmed were a method for the misappropriation of money, hence the need for a comprehensive review into their structure and substance at a time when the economic climate was challenged. Prof. Bokpin, nevertheless , said the Free Older High School (SHS) programmed should be protected irrespective of the outcome of any review.

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