Sign in
Download Opera News App

News Politics

 

Politics

 

Africa politics

What are the options available to government now? - Gabby Otchere Darko quizzes

The Founder of the Danquah Institutions, solicitor and barista, Gabby Otchere Darko has reacted to a number of things bothering the country at the moment with a question of "what options are available for government now."

According Gabby Otchere Darko, the Ghanaian economy is growing faster than most countries around the world. But, that alone can’t save us as confidence in the country's ability to service our debts is lowering. He noted that Ghana can’t continue to use all the little revenues raised to pay our debts a d that if nothing is done very soon we may have to borrow to pay wages!

Gabby argued that instead of looking at "What options are open to government? The question should rather be: what option, if adopted, will re-inject investor confidence in our economy?" He added that "even if we find the $3-5 billion required, will that help? E-levy which was to have given us some 600m by now has done less than 60m," he said.

Mr Gabby further revealed that after 5 months of stalemate and bashing, the e-levy, after implementation, is delivering only 10% of estimated revenues; our revenues remain very low as compared to the rest of the world; debt levels dangerously high, cedi, like most currencies, struggling against the US dollar…

According him, notwithstanding the above challenges, there’s, understandably, a national aversion to an IMF program, because of the history of conditionalities which attack sacred cows like jobs and social interventions. Akufo-Addo will not sacrifice free SHS and other critical welfare policies to help the poor for any assistance and that our revenue to GDP ratio is among the lowest in the world (even in Africa!); but with the the current global hardships, and cost of living rising everywhere in the world, a decision by any govt to intensify taxation measures especially for workers may not be too clever.

He stressed that Ghana is a member of the IMF and the world is in serious crisis. The situation of the country is also not being helped but the high debt and low income levels. With the economy still growing, but investor confidence low, govt being compelled to cut down capital expenditures will eventually lead to job losses unless.

He has thrown the question to the general public on what can the country can do that will inject confidence in our capacity to ride this heavy storm and that something should happen pretty quickly.

He concluded by asking an interesting question "Are you against an IMF program?

Content created and supplied by: Dolaw (via Opera News )

Danquah Gabby Gabby Otchere Darko Ghana Ghanaian

COMMENTS

Load app to read more comments