The IMF team that left Ghana last week upon accessing the economic situation mentioned Covid-19 as a contributory factor.
In light of this, economists are calling for revenue enhancement and expenditure rationalization to restore the macroeconomy.
Economist and lecturer at the University of Ghana, Legon, Professor Godfred Bokpin said wastefulness accommodated over the years has caused the current economic situation in the country finds herself.
” The IMF is not here to punish anyone. When they were leaving they gave some indication of what we should expect basically, it will come down to fiscal consolidation predicated on revenue enhancement and expenditure restraints. Once you are not collecting enough revenue, you will look at avenues to strengthen revenue collection. and on this line the IMF is in to restore macroeconomic stability.”
Financial Advisory partner at Deloitte Ghana Yaw Appiah Lartey highlighted some prudent measures the country needs to take to come out of the economic downturn.
Yaw Lartey mentioned that the country should take advantage of the IMF program to restructure our debt, adding that the country reviews the age-old structure reforms as well as diversify our source of revenue to reduce shocks affecting which emanate from global markets.
