According to him, targets in the 2022 budget statement and economic policy of the government are overambitious and unrealistic.
Speaking via Zoom to deliver a presentation on Ghana’s Economic Outlook for 2022, Dr. Dennis Nsafoah said he foresees the government running to IMF before the end of the year.
“Thinking about the situation, the most likely outcome that came in my mind was that at the end of the year when they [the government] realize that they will not be able to achieve the revenue target they have set for themselves because it is too high, that is when they will start talking to the IMF,” the Economist shared during a dialogue held on Monday, January 24, 2022, by PFM Tax Africa.
The government has set a target to increase revenue by 42% this year as one of the many steps to improve the debt-to-GDP ratio.
Although Dr. Dennis Nsafoah agrees that urgent measures are needed to address the growing debt-to-GDP which is currently said to be close to 80%, he recommends that government stop delaying and seek the intervention of the International Monetary Fund.
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