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Go to IMF for liquidity support; your finances not good – gov’t told

Government has been advised to overlook public criticisms and go for financial support from the International Monetary Fund to put the fiscal economy in a better shape.

According to Head of Finance Department at the Valley View University, Dr. Williams Peprah, the time is up for government to go to the Fund for liquidity support.

Finance Minister, Ken Ofori-Atta, last week pointed out that the public sector could no longer employ new people and therefore fresh graduates should go into entrepreneurship.

But Dr. Peprah who is one of the few persons to predict that the government could turn its attention to the Fund because of the precarious nature of public finances, tells Joy Business the return to the Bretton Wood for an economic programme is inevitable.

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“I’ve always been mentioning the fact that we’ll have to seek help from the IMF to be able to survive. My assertion is based on the budget [2021] and then also the actual figures as presented by the Finance Minister. Just recently, the Finance Minister confirmed that our payroll is full, and also we have gone above our payroll limit within the budget.”

“Government says it’s going to spend ¢25 billion. Now we’re around ¢30 billion which is about 20% higher than what we projected to spend. So looking at this particular issue on our wage bill, and then also noticing that our revenue generation from taxation has gone down, this is the reason why I’ve stated that we will need to go to IMF for some liquidity support.” Dr. Peprah further intimated.

On why government is playing politics with the state of the economy, Dr. Peprah said it is wrong for politicians to play politics with the economy, adding, “I’ve always been arguing that we should do away with the politics and face the reality. Now the reality is that, we don’t have the liquidity to survive as a country”.

“We’ll need support from IMF…I mean liquidity injection. I think in your report this morning, you reported that banks are going to slowdown in investing in government securities because Christmas is coming. Their customers should be coming in for more funds from the banks, so they have to slowdown their investments in government securities”, he pointed out.

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“This is the right time for government to go to IMF, go with a plan. First is your labour wage bill, that you’re going to control your wage bill and based on that, also show how some capital expenditure and also recurrent expenditures will be managed. These are the areas that we have to look at.”

Every support from the IMF comes with conditionality, but Dr. Peprah said the government should outlined its plan to the Fund, a strategy the Bretton Wood institution will accept.

“As a country, we can go with our own plan and tell IMF that we’re going to restrict ourselves when it comes to labour, employment. We’re going to restrict ourselves when it comes to capital expenditure and we’re going to restrict ourselves when it comes to recurrent expenditures.”

Source: Joy Business

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Ghana to host mining and minerals convention 2025 to shape future of gold industry

Ghana’s gold and minerals sector is set for a major spotlight as Meetings. Co, in partnership with key industry stakeholders, announces the Mining & Minerals Convention 2025, scheduled from August 26-27, 2025, at the Kempinski Hotel Gold Coast City, Accra.

Held under the theme “Shaping the Future of Ghana’s Gold Industry,”‘ the Convention will convene government leaders, regulators, miners, refiners, investors, sustainability partners, innovators, and responsible mining, and global competitiveness,policy experts to explore strategies that position Ghana’s gold industry for long-term growth.

The two-day convention will feature presidential and ministerial keynote addresses, industry thought leadership, technical paper presentations, policy dialogues, fireside chats, exhibitions, and high-level networking sessions.

Convention delegates can anticipate a dynamic and insightful experience, marked by thought leadership from leading policymakers and regulators, in-depth discussions on key topics such as sustainability, ESG, digital gold, and responsible sourcing, as well as valuable opportunities to forge public-private partnerships and investment deals.

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Moreover, the event will offer practical action points aimed at unlocking greater economic value for Ghana.

The 2025 edition will be supported by a strong coalition of strategic partners, including the Ministry of Lands and Natural Resources, the Minerals Commission, GoldBod, the Minerals Income and Investment Fund (MIIF), and the Ghana Extractive Industries Transparency Initiative (GHEITI).

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Finance Minister tranfers funds to DACF, NHIS and GETFUND

The Minister for Finance Hon. Cassiel Ato Forson has disclosed that a sum of nine hundred and Eighty-Seven Million, Nine Hundred and Sixty-Five thousand and Seventy-Three Ghana Cedis (GHS987,965,073.00) from the Consolidated Fund into the District Assembly Common Fund Account, being the first quarter amount due to the DACF.

Furthermore, the Finance Minister informed the House that a total amount of Two Billion, Thirty- Three Million, Four Hundred and Sixty-Nine Thousand, Six Hundred and Seven Ghana Cedis (GHS2,033,469,607) has been disbursed to the National Health Insurance Fund.

While the Ghana Education Trust Fund has also received a total of Two Billion, Seven and Ten Million, Two Hundred and Twenty-Seven Ghana Cedis (GHS2,710,227,947.00) for the months January, February, March and April,2025.

The Finance Minister disclosed this in his statement to Parliament on the payments to statutory funds on the floor of the House.

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In addition, he cautioned that the Administrator of the District Assembly Common Fund is required to ensure that 80% of this amount is transferred directly to the Assemblies without fail and expenditure returns submitted to the Ministry of Finance before subsequent releases will be made.

He added that Members are encouraged to monitor the utilization of these amounts sent to their respective Assemblies in line with the approved guidelines by Cabinet.

In his closing remark, Ato Forson said he’s going to take the concerns of the House seriously.

For his part, the Majority Leader, Mahama Ayariga made known the President’s prioritization of women in the country stating that President Mahama is “Pro-women”.

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This is due to the fact that women are going to be the core beneficiaries from the expenditures going to be made by the MMDA’s, he added.

The Minority Leader Alexander Afenyo-Markin questioned the Finance Minister why road contractors have not been paid for more than five months. He said the Minister must not be applauded for since the allocation of these funds were long overdue.

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