• 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

IFS evaluates government’s social intervention programmes amid pandemic

August 7, 2020
Stephen M.Cby Stephen M.C
in General News, Top Stories
0
IFS evaluates government’s social intervention programmes amid pandemic

Dr. Saeed Boakye, Senior research fellow, Institute of Fiscal Studies

Institute of Fiscal Studies (IFS) has criticized government for its social intervention programs, amid the pandemic stating that they were poorly executed and lacked fiscal prudence.

With government debts intake standing at 72% of Ghana’s revenue, the IFS warns that government’s fiscal position will be the worse if austere measures such as immediately seeking debt release from debtors and slashing down employees’ salaries are not taken.

In addressing the media, Dr. Saeed Boakye a senior research fellow at IFS indicated that at the end of last year, the country had “clearly fallen into a debt trap since borrowing was no more a choice but an imposition of the fiscal state of the country”.

RelatedPosts

Ghana Moves to Overhaul Scholarship Regime with New Bill

Ghana Slammed for UN LGBTQ Vote Abstention

Bright Simons Slams E&P Over Gold Mine Controversy

“This cycle can only be reversed if, one, revenue is able to grow at a very unusually high rate; growth in employee compensation drastically reduces. There is debt forgiveness as happened in the 2000’s or there is a combination of some or all of these”.

Dr. Saeed Boakye

He added that some stringent measure will have to be undertaken to address service expenditure incurred by some staff.

“However, as we are all aware none of these were achieved in practice even before the pandemic hit. Cutting and making compensation grow lower than it is, you know Ghanaian workers, and you know the powerful labour behind them. Their service expenditure, how do you reduce it, whereby you’ve already entered into obligation with your creditors and you know what has been happening to revenue.

“The government has tried as long as it could but revenue growth is still… so trying to reverse the situation that the country found itself by end of 2019 was very difficult even before the pandemic hit.

 “Now the third implication or the consequence is that… capital expenditure which is needed to the base of the economy decreased to the lowest levels in 2018 and 2019 since 1983. Because compensation and debt service expenditure are taking everything, where is the money to invest in the economy in terms of capital expenditure?”

Meanwhile, the Institute of Statistical Social and Economic Research (ISSER) has proposed the development of a sustainable system to track government funds that are ear marked for expenditure purposes amidst covid-19.  

At an engagement to review the 2020 midyear budget, Director of ISSER, Prof. Quartey said such a system will enhance transparency, further warning that failure to have such a system will to uncontrolled expenditure which could hurt the economy.

“Government will have to use innovative ways or strengthen its revenue mobilization strategies. Digitization is very critical, that we try to mobilize more resources, domestically to fund greater proportion of the items listed in the midyear review, rather than resorting to borrowing”.

“There are new areas springing up and due to Covid, a lot of businesses are going online, there is the need to try and rope them into the tax net. At the moment we’ve seen the national identification card being issued… people registering for TIN. These are all means by which to know where people are and what they are doing…people should also realize the benefit of the tax”.

Tags: Debt stockIFSISSERrevenue mobilization
Please login to join discussion
Previous Post

COCOBOD expedites implementation of new system to prevent theft

Next Post

Banks on the side of solution – John Awuah assures Businesses of Banks support

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

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
Kwasi Sibo
Sports

Kwasi Sibo Eyes Black Stars Call-Up

July 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
Kwasi Sibo
Sports

Kwasi Sibo Eyes Black Stars Call-Up

by Evans Junior OwuJuly 9, 2025
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
Kwasi Sibo
[/vc_row_inner]

Recent News

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