[ 2014-07-22 ]

Recover GYEEDA, SUBAH funds to save economy- IEA counsels gov't
The Institute of Economic Affairs is predicting
that donor partners are not likely to support
Ghana's budget due to the financial indiscipline
in the country.

"Grants are likely to experience shortfalls, who
wants to give you his money to pay single spine or
subsidies," a senior Economist with the Institute
of Economic Affairs, Dr John Kwakye said at a
press conference, Tuesday

He said until steps are taken to recover funds
misappropriated through the implementation of the
Ghana Youth Employment and Entrepreneurial Agency
(GYEEDA), SUBAH and SADA, as well as dubious
settlement claims debts paid to people, the
economy will continue to be challenged and the
cedi will continue to depreciate.

Dr John Kwakye was addressing journalists on the
mid-year review policies announced by the Finance
Minister last week.

Finance Minister Seth Terkper appeared before
Parliament, Wednesday, seeking the blessing of the
House to spend over ¢3 billion in the
supplementary budget.

He also chronicled a number of challenges,
including continued depreciation of the cedi and
rising inflation as some of the issues he said had
dire consequences on the economy.

The IEA beliefs most of the challenges would
continue to prevail if stringent steps are not
taken to arrest the situation.

Dr Kwaye is convinced government as well as the
public sector are over-bloated and need to be
downsized in order to free up more revenue for
development.

He also pointed out that the fundamentals of
Ghana's economy have not changed and it does not
look like the steps being taken by the managers of
the economy would achieve any result if the status
quo remained.

Joy News' Francis Abban who was present at the
press conference reported Dr Kwakye as saying that
"non-cosmetic" fiscal policies are needed to be
implemented to change the economic situation.

Source - Joy News

... go Back