• 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

IEA Says 2023 Budget Is A “Make Or Break” Not “Business As Usual”

November 22, 2022
Stephen M.Cby Stephen M.C
in Economy, One Top Story
0
IEA Says 2023 Budget Is A “Make Or Break” Not “Business As Usual”

Dr John K. Kwakye, Director of Research at the IEA

The Institute of Economic Affairs (IEA) has stated that the 2023 budget and economic policy is a “make or break” for the economy, hence its design and implementation cannot be “business as usual”.

Speaking at a Pre-Budget conference in Accra, Dr John K. Kwakye, Director of Research at the IEA, said the much-anticipated budget must create a new direction to bring stability to the economy.

“It must break from the past and chart a new course to restore economic stability, while laying the foundation for long term sustainable growth and poverty alleviation.

“The 2023 budget must break from this unacceptable past. We believe that we should be able to increase tax revenue/Gross Domestic Product to at least 15-16% in 2023 and further to 18-20% in 2024. At the same time, total revenue/GDP could be increased to 18-20% in 2023 and 22-25% in 2024.”

Dr John K. Kwakye

Dr Kwakye however, underscored that achieving the new targets would entail addressing revenue loopholes and inefficiencies that took the form of tax exemptions to privileged individuals, poor property rate regime, tax evasion, administrative corruption, and trade mis-invoicing among others.

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

The country, he observed, was in a “self-inflicted” resource constraint situation amid an economic crisis due to increased borrowing and the setting of “less ambitious” tax and revenue targets far lower than peers in the sub region.

The situation, he said, was compounded by the wrong prioritization of recurrent expenditure over capital expenditure, which was inimical to economic growth.

IEA campus
The IEA

The IEA Director of Research further indicated that there must also be a “curtailing” of recurrent expenditure in the 2023 budget to free resources for capital expenditure to boost long-term growth prospects.

“The curtailment should target, especially compensation through considerable downsizing of the public sector, including the overall Government machinery”.

Dr John K. Kwakye

Monetary policy interventions

Commenting on the Monetary Policy side, Dr Kwakye, a former member of the Monetary Policy Committee of the Bank of Ghana (BoG), called for monetary policy interventions that directly targeted supply and cost influencers of inflation to supplement the Inflation Targeting (IT) framework which has some weaknesses.

“As we have repeatedly argued, the Inflation Targeting (IT) framework used by BoG, essentially a demand-management tool, is less capable of dealing with Ghana’s type of inflation that has strong supply and cost undercurrents”.

Dr John K. Kwakye

The IEA Boss iterated that structural solution to the cedi depreciation must be geared towards closing the foreign exchange demand-supply gap through a fundamental restructuring of the economy.

Dr Kwakye explained that the restructuring must be directed to expanding, diversifying and processing export commodities to increase forex receipts.

Other measures outlined by the IEA Boss include: reviewing all extractives tax regimes to ensure that Ghana derived adequate benefits; ensure fiscal and debt sustainability; shoring up financial buffers such as stabilization fund, sinking fund as well as the infrastructure Investment Fund.

READ ALSO: This Is Not The Time For Government To Tell Us There Is No Money- TUC

Tags: 2023 BudgetBank of GhanaBusinessCOVID-19GDPIEA
Please login to join discussion
Previous Post

Organised Labour’s Demand for 60% Increament In Base Pay fair – NAGRAT President

Next Post

Punishment Awaits Individuals Who Sell Their Land For Illegal Mining- Jinapor

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

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
LGBTQ concerns in Ghana
General News

Ghana Slammed for UN LGBTQ Vote Abstention

July 9, 2025
Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
Securities/Markets

Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns

July 9, 2025
Bright Simons, E&P, Azumah
General News

Bright Simons Slams E&P Over Gold Mine Controversy

July 8, 2025
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
Banking

Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade

July 8, 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
LGBTQ concerns in Ghana
General News

Ghana Slammed for UN LGBTQ Vote Abstention

by Lilian AhedorJuly 9, 2025
Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
Securities/Markets

Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns

by Stephen M.CJuly 9, 2025
Bright Simons, E&P, Azumah
General News

Bright Simons Slams E&P Over Gold Mine Controversy

by Silas Kafui AssemJuly 8, 2025
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
Banking

Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade

by Stephen M.CJuly 8, 2025
GoldBod CEO Champions Value Addition in Mining
Hon. Haruna Iddrisu, Ghana's Minister for Education
LGBTQ concerns in Ghana
Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
Bright Simons, E&P, Azumah
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
[/vc_row_inner]

Recent News

  • Ghana Poised to Reap Big from Soaring Gold Prices
  • Ghana Moves to Overhaul Scholarship Regime with New Bill
  • Ghana Slammed for UN LGBTQ Vote Abstention
  • Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
  • Bright Simons Slams E&P Over Gold Mine Controversy
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.