Introduction
On Tuesday, I chanced on a webinar on the timeline of the Ministry of Finance's Facebook. I would discover that the star-studded webinar was an Economic RoundTable organized by the Ministry of Finance in collaboration with the University of Ghana.
This rather publicized event brought together the creme de la creme in economic issues in the country. A few names i made out included, Dr. Ebow Turkson, Dr. Kwaku Sawa, Professor. Williams Baah Boateng,Professor Peter Quartey, among other illustrious economic lumanries. In this piece, i have shared a summary of the key points that key spokespersons, ably moderated by the respected, Bernard Avle, expoused.
While the matters they touched on are not new, it appears the event revealed the passion and growing concerns that these distiguished persons have had on Ghana's rather dwindling economic fortunes:
The budget is central government oriented it does not reflect the full range fiscal activities in Ghana...
Informal sector provides between 27-28% to GDP.
While Agric contributes hugely to the country's GDP, the sector is not taxed leading to
The need to improve ethical frame of our people.
There is a need to monetize all salaries and strengthen procurement laws to forestall the huge revenue leakages and slippages in the system.
There is the need to use technology to tackle revenue leakages, reducing human discretions and errors.
There is the need to streamline government pay bill, as it is lopsided.
We need to enhance the digitization of tax revenue and collection program and digitalized economic transactions, to curry the right revenues.
Cocoabod is sitting outside of the financial sector, and we are working to get them in line with Ghana's fiscal activities. MOF is enhancing its financial oversight on cocoa board.
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