Winneba — The University of Ghana’s Institute for Statistical, Social and Economic Research (ISSER) predicts a brighter future for the Ghanaian economy in the post-COVID-19 era, despite the challenges, Professor Peter Quartey has revealed , director of the institute.
That, he said, depended on the government continuing with the prudent measures put in place to stimulate economic growth.
“Yes, the economy is growing in terms of gross domestic product (GDP) growth, but at the same time, we are facing some challenges. Inflation, exchange rate and unemployment, among others, are increasing” , did he declare.
Although this was a global trend, he said, the government needed to put in place policies that would protect Ghanaians against these external and internal shocks.
He said: “Ghana is one of the fastest growing economies in the world and I believe that if we manage our prospects well, we can go far as a nation.”
Professor Quartey was speaking at a stakeholder engagement organized by ISSER in conjunction with the Faculty of Social Science Education at the University of Education Winneba (UEW) in Winneba.
The engagement was on the theme: “The Report on the State of the Ghanaian Economy and Prospects for Ghana’s Social Development”.
It was about discussing the economy of Ghana and getting new insights and harnessing new ideas to strengthen the economy.
Prof Quartey said the country’s GDP was steadily increasing after COVID-19, but there was more to be done to reduce the economic hardship for the bulk of Ghanaians.
“The government should implement pauses in the Eurobond market and step up revenue mobilization in the country, such as the introduction of e-VAT and e-poverty rate, among others,” he said. declared.
In addition, he said, “It can also reduce the E-Levy tax to widen the tax net, saying, “For now, although the E-Levy tax bill has been passed, there is still there is still a lot to be done to improve revenue mobilization”.
On the E-Levy, Professor Quartey noted that public education about it was poorly done.
“ISSER has suggested the government to review the various tax exemptions that are draining the country’s coffers and also reintroduce toll booths to generate revenue,” he said.
He further said, “We are also much more concerned about the inability of metropolitan, municipal and district assemblies to mobilize resources from land rates, but still depend on central government for the common fund before embarking on development projects”.
Addressing the review of Ghana’s social development prospects, Rev. Prof. Addobea Yaa Owusu, a senior member of ISSER, said the government has successfully managed the COVID-19 situation in the country.
She also commended the government for the progress made in water and sanitation, particularly through the toilets for all policy in selected communities in Greater Accra, Central, Volta and other regions, thereby reducing environment-related illnesses.
She noted that ISSER, however, was not happy with the water-for-all policy, explaining that almost three million people lack safe drinking water.
“As far as governance is concerned, our report indicates that the government scored below average on the corruption index, which means that the fight against corruption is spiraling out of control and we need to do something about it. as soon as possible,” she said.
She said that despite the fact that there were signs of progress in education, health, energy, agriculture and other sectors of the economy, there was a need for the government to improve in these areas.
The University of Winneba Education Pro-Vice-Chancellor, Professor Andy Ofori-Birikorang, who chaired the occasion, commended ISSER for its thought-provoking presentation on the national economy.
He encouraged the government to tackle the problem of the unemployment situation in the country as it was gradually becoming a threat to the security of the citizens.
In attendance were the Omanhene from the traditional area of Effutu, Neenyi Ghartey VII, Head of URO-UEW, Dr. Obaapanyin Adu Oforiwa, Head of Social Division of ISSER, Dr. Martha Awo and the Municipal Director General of Efutu, Alhaji Zubairu Kassim.