The Institute of Statistical Social and Economic Research (ISSER) has advised President Akufo Addo to reduce the size of his government to boost confidence in the economy.
Director of the Institute, Professor Peter Quartey, stated that no investor will have faith in the government in its current form if the number of ministers and officials are not reduced.
“I can’t put a number to how many ministers the government should have but the President must look at merging some of the ministries and get the work done. There shouldn’t be a duplication in any role”.
Professor Peter Quartey
The economic outlook report launched by the Institute of Statistical Social and Economic Research (ISSER) for 2021 and 2022, highlighted that over spending on capital projects due to political promises without adequate domestic funding can partly be blamed for the current economic woes facing the country.
The Director of ISSER, Professor Peter Quartey, speaking at the launch of the report and a review of economic performance for the 3rd quarter of 2022, said the situation must change.
The economic performance report identified some loopholes in the country’s economy which require urgent solutions.
According to Professor Quartey, his outfit’s research revealed that the government over spent its budget prior to the last election in 2020. He however, noted that there would be a significant change if governments avoid over spending on capital projects during election periods.
“When you look at our expenditure during political periods, I think election can also be blamed to where we are at the current economic situation.
“We over spent on so many projects, we cut sod for a lot of projects that we have to borrow to fund them. So at the end, we used three years to clear the mess. Every election year, we enter into such situations then two years after election there’s fiscal challenges.”
Professor Peter Quartey
Meanwhile, the institute reiterated calls for a review of the rate of the Electronic Transaction Levy (E-Levy) downward because the current rate of 1.5% is too high.
The State of the Ghanaian Economy Report
This is the 31st edition of ISSER’s flagship report on the economy of Ghana, the State of the Ghanaian Economy Report (SGER) 2021.
The SGER is an expert analysis of the performance of the economy of Ghana in a given year, with recommendations to provide guidance toward improved performance. It is based on real data from the various economic sectors, analyzed by qualified and experienced economic experts.
The report is valued by diverse communities of people in and outside Ghana, including students, policymakers, businesses, and other interested publics, who look forward to each new edition.
“The SGER is one of the key markers of ISSER’s commitment to promoting knowledge for development.”
Professor Peter Quartey
The SGER is issued by the Economics Division of the Institute and follows a specific structure. The first of the eight-chapter report presents the overview, which discusses global economic developments and Ghana’s economic performance.
Chapter two considers fiscal developments, chapter three is on monetary and financial developments, and chapter four discusses international trade and payments. The next three chapters, five, six, and seven focus on three key sectors, the agricultural, industrial, and service sectors respectively.
The eighth chapter, called the optional chapter, is usually dedicated to examining a pressing issue that could have considerable impacts on the lives and livelihoods of people. For instance, the optional chapter for SGER 2020 is focused on COVID-19 and social interventions in Ghana, and that of the current edition, SGER 2021, is on inequality trends in Ghana.
ISSER continues to receive overwhelmingly positive feedback from readers who praise the SGER for its comprehensive and objective representation of Ghana’s economy though issuing this publication has not been without challenges.
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