As Ghana prepares for a new era under President-elect John Mahama, renowned economist Dr. Peter Terkper has sounded a warning bell about the economic challenges awaiting the incoming administration. With the economy already under pressure, Dr. Terkper emphasizes the need for cautious and strategic policy implementation under Ghana’s ongoing IMF program.
Dr. Terkper’s concerns are rooted in Ghana’s current economic woes, including a debt crisis, high inflation, and the devaluation of the local currency, the cedi ¹. To address these challenges, Dr. Terkper advocates for a phased approach to development projects, prioritizing key initiatives, and generating revenue.
He also recommends removing taxes that hurt businesses, such as the e-levy, betting tax, and emission tax, which have failed to generate expected revenue ¹. Additionally, Dr. Terkper suggests reducing income taxes to ease hardship and boost disposable income, stimulating economic growth and improving the overall well-being of Ghanaians.
As Ghana navigates its economic challenges, Dr. Terkper’s expert advice serves as a timely reminder of the need for prudent economic management. With the right policies in place, Ghana can overcome its current economic woes and build a brighter future for all its citizens.
Ruth Abla ADJORLOLO
