Ghana’s Finance Minister, Ken Ofori Atta on July 31, 2023 presented the mid-year budget to Ghanaians through Parliament. It is therefore important that we all come to the realization that Ghana’s current economy can best be described as non-existing due to all the weak and falling indices which is as a result of mismanagement, corruption and unpatriotic decisions that have been made over these past periods.
If there is any interest in saving Ghana, then there should be a strong and urgent position by both leaders and citizens that, there would be no more lip service but rather the implementation of real trackable and traceable actions and a regular update to us the citizens on how public funds are spent, including the list of public contracts that are given.
Comprehensive and strategic approach
Due to the urgency of our economic situation, and to get Ghana’s financial and economic house in order, Crusaders Against Corruption is proposing 8 comprehensive and strategic approaches as mentioned below:
Effective budgeting:
We must implement responsible and transparent budgeting practices to ensure that
government spending aligns with available resources and development priorities. This includes setting realistic revenue targets and allocating funds efficiently and wisely.
Fiscal discipline:
Ghana must exercise discipline in managing public finances by controlling expenditures, avoiding unnecessary borrowing, and reducing wasteful spending. This includes prioritising essential sectors like healthcare, education, and infrastructure while eliminating inefficient and non-productive expenditures.
Enhancing revenue generation:
The Finance Ministry as led by Ken Ofori Atta must explore strategies to increase revenue generation, such as broadening the tax base, improving tax administration, and combating tax evasion. This includes minimising tax exemptions and creating a business- friendly environment that encourages investment and economic growth.
Managing public debt:
The government must implement prudent borrowing practices to manage public debt
effectively. This involves ensuring that debt levels are sustainable, regularly reviewing and optimising debt structures, and reducing reliance on expensive loans. Additionally, transparent communication and monitoring mechanisms should be in place to track the impact and use of borrowed funds. Parliament of Ghana must not approve any further loans.
Combatting corruption:
The government must strengthen anti-corruption measures and institutions to curb
corruption in financial management. This includes fostering a culture of accountability, enhancing transparency in public procurement, and enforcing strict penalties for corrupt practices. Additionally, promoting whistleblower protections and encouraging citizen participation can contribute to a more accountable and transparent financial system.
Promoting economic diversification:
We must foster economic diversification by supporting the growth of non-traditional sectors and promoting export-oriented industries. This will reduce dependence on volatile commodity prices and create sustainable revenue streams.
Enhancing financial sector oversight:
There is the urgent need to strengthen regulatory frameworks and supervision of the financial sector to ensure stability, integrity, and accountability. This includes implementing robust risk management practices, improving corporate governance, and enhancing the capacity of regulatory bodies to identify and address potential financial risks.
Encouraging public-private partnerships:
To save the economy of Ghana, there is the need to foster partnerships between the public and private sectors to leverage private sector expertise, investment, and innovation in infrastructure development and other key sectors. This can help reduce the burden on public finances and promote more efficient service delivery.
Conclusion
It is important to note that implementing these steps requires effective leadership, political will, and active participation from all stakeholders. Additionally, continuous monitoring, evaluation, and adjustment of policies are essential to ensure progress and sustainability in getting Ghana’s financial house in order.
All citizens of Ghana must demand from President Akufo-Addo, Ken Ofori Atta, and
the 275 Parliamentarians of Ghana, including the Speaker of Parliament Alban S.K. Bagbin to get Ghana’s economic and financial house in order.
Source: ghanaweb.com
