• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, July 9, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Experts React To Measures Outlined By Gov’t To Fix Economic Challenges

March 26, 2022
Stephen M.Cby Stephen M.C
in Economy
0
Experts React To Measures Outlined By Gov’t To Fix Economic Challenges

Experts from academia and industry have reacted to the measures outlined by the government to mitigate the current economic challenges facing the country.

Whilst some lauded the government for demonstrating that it is a listening government, others argued that the measures may not be enough to address the short-term challenges in the economy.

Finance Minister, Hon. Ken Ofori-Atta, said on Thursday, March 24, 2022 that the current challenges are “due mainly to recent global and domestic conditions” which are manifesting in rising fuel prices, rising inflation and cost of living, exchange rate depreciation, rising interest rate, and revenue mobilization challenges.

RelatedPosts

Ghana’s IMF Programme Goes Off Track

Ghana’s Reserves Soar: Mahama Eyes 10-Month Import Cover to Boost Cedi Stability

Bank of Ghana’s Tight Monetary Stance Gets IMF Nod in Battle Against Inflation

As such, Mr. Ofori-Atta outlined several measures that are aimed at addressing the country’s economic challenges and restoring investor confidence. The measures included expenditure containment measures, revenue generation, reduction in fuel prices as well as other measures to improve government financing.

Mr Terkper
Mr. Seth Terkper

However, reacting to the measures announced, Former Finance Minister, Mr Seth Terkper, said “I do not think we have addressed sufficiently the short-term problems that we have”. He said “the budget is tight, the revenue is covering two items and is still not enough – compensation and interest”.

This, Mr. Terkper said, means that “every single item, including parts of the interest and compensation on wages is being financed from loans”.  He contended that the measures outlined are not enough to help government cut down on these two important expenditures that continue to eat a chunk of government’s meagre revenues. To him, the additional cut in discretionary spending by 10% is woefully inadequate.

IMF-Like Measures

Meanwhile, an Economist and Lecturer at the Department of Economics, University of Ghana, said the new measures announced placed government in a position that shows that it is listening to the concerns raised especially by citizens, regarding the E-levy.

Sarkodie
Dr Adu Sarkodie

Dr Adu Sarkodie described the measures as “more of IMF programme on a shadow”. This is “because of the expenditure containment approach that they are trying to introduce”. He said “There are two or three things that he touched that is to restore confidence”.

“Remember that they went to the town hall meeting to be able to pass the E-levy. Most of the people who have spoken against the E-levy are actually telling you their frustration to the expenditure by government. So you can see the posture of government now. It is to say they have listened to Ghanaians and these are the things they have done to show that they share the concerns with them, that they are also part of the difficulty that we find ourselves in and also to restore confidence in the international community. These are measures that if we had gone to the IMF, they would have given to us”.

Dr. Adu Sarkodie

Meanwhile, Vice President of the LPG Marketers Association, Gabriel Kumi, described the government’s omission of matters relating to Liquefied Petroleum Gas (LPG) in its address as “disappointing”.

Mr. Kumi said “LPG was not affected. If you look at what was being mentioned, he specifically mentioned diesel, petrol and he is pushing for a 15 pesewas reduction in these two products. LPG was nowhere mentioned in the presentation”. He said the association “would continue to push for the right things to be done”.

As part of measures to fix the economy, Government also banned the purchase of imported vehicles for the rest of the year, imposed a moratorium on all foreign travels, and also pledged to eliminate “ghost” workers from the Government payroll by end December 2022.  It also announced a 50% cut in fuel coupon allocations for all political appointees and Heads of government institutions, including SOEs, effective 1st April 2022. economic challenges economic challenges economic challenges

READ ALSO: GMA Calls on Government to Ensure They Are Able to Train, Attract and Retain Doctors

Tags: Debte-levyEconomic ChallengesghanaIMFinflationrevenue
Please login to join discussion
Previous Post

GMA Calls on Government to Ensure They Are Able to Train, Attract and Retain Doctors

Next Post

Ghana: Climate Risks Could Cost Ghana’s Transport Sector $3.9 billion- Report

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

Debby Reveals Professionalism Fuels Female Musicians
Entertainment

Debby Reveals Professionalism Fuels Female Musicians

July 9, 2025
Mass Jail Sentences Deepen Tunisia’s Political Crisis
Africa

Mass Jail Sentences Deepen Tunisia’s Political Crisis

July 9, 2025
Mustapha Gbande, Party, President.
General News

Every NDC Member Is Better Off Today – Gbande

July 9, 2025
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
Asia

Mass Casualty Incidents Besmirch Gaza’s Aid Struggle

July 9, 2025
GoldBod CEO Champions Value Addition in Mining
Extractives/Energy

Ghana Poised to Reap Big from Soaring Gold Prices

July 9, 2025
Hon. Haruna Iddrisu, Ghana's Minister for Education
General News

Ghana Moves to Overhaul Scholarship Regime with New Bill

July 9, 2025
Debby Reveals Professionalism Fuels Female Musicians
Entertainment

Debby Reveals Professionalism Fuels Female Musicians

by Esther Korantemaa OffeiJuly 9, 2025
Mass Jail Sentences Deepen Tunisia’s Political Crisis
Africa

Mass Jail Sentences Deepen Tunisia’s Political Crisis

by Lawrence AnkutseJuly 9, 2025
Mustapha Gbande, Party, President.
General News

Every NDC Member Is Better Off Today – Gbande

by Silas Kafui AssemJuly 9, 2025
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
Asia

Mass Casualty Incidents Besmirch Gaza’s Aid Struggle

by Comfort AmpomaaJuly 9, 2025
GoldBod CEO Champions Value Addition in Mining
Extractives/Energy

Ghana Poised to Reap Big from Soaring Gold Prices

by Prince AgyapongJuly 9, 2025
Hon. Haruna Iddrisu, Ghana's Minister for Education
General News

Ghana Moves to Overhaul Scholarship Regime with New Bill

by Evans Junior OwuJuly 9, 2025
Debby Reveals Professionalism Fuels Female Musicians
Mass Jail Sentences Deepen Tunisia’s Political Crisis
Mustapha Gbande, Party, President.
Deadly Rush Confirms Fears About Gaza Humanitarian Foundation
GoldBod CEO Champions Value Addition in Mining
Hon. Haruna Iddrisu, Ghana's Minister for Education
[/vc_row_inner]

Recent News

  • Debby Reveals Professionalism Fuels Female Musicians
  • Mass Jail Sentences Deepen Tunisia’s Political Crisis
  • Every NDC Member Is Better Off Today – Gbande
  • Mass Casualty Incidents Besmirch Gaza’s Aid Struggle
  • Ghana Poised to Reap Big from Soaring Gold Prices
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.