The government has been suggested to urgently discover different diplomatic sources of financing other than the US, and draw some cash from the Ghana Stabilisation Fund (GSF).
That is to assist scale back the burden, significantly on Ghana’s well being sector, which has suffered a US$78.2 million out of a complete of US$156 million funding hole created by the withdrawal of the US Company for Worldwide Development (USAID) assist.
Professor John Gatsi, the Dean, College of Cape Coast (UCC) Enterprise College, stated this in an unique interview with the Ghana Information Company.
This comes on the again of President John Dramani Mahama’s directive to the Finance Minister, Dr Cassiel Ato Forson, to take rapid actions to shut the funding hole.
He stated the scenario referred to as for “vital pondering into exploring all avenues of financing the wants of our folks. The very first thing that ought to be occurring now could be to broaden our scope of engagement inside the diplomatic communities.”
“The Authorities should scale-up what we get from Norway, UK, and different international locations, and even international locations that haven’t been supporting us. That is the time to be aggressive in contacting them to see how they will scale up their assist to Ghana,” Prof. Gatsi said.
He referred to as for a strategic collaboration between the Ministry of Finance and the Ministry of International Affairs in reaching that aim.
A leaked memo within the internationwide cycles has indicated a restoration of USAID assist to some “strategic international locations,” but it surely stays unknown if Ghana is a part of these.
Prof. Gatsi famous that whereas the nation waited to get extra particulars on the “strategic countries,” it may draw some cash from the Ghana Stabilisation Fund, which receives 30 per cent of the nation’s petroleum income.
The Reconciliation Report on the Petroleum Holding Fund introduced to Parliament by the Finance Ministry confirmed that on the finish of 2023, the closing balance of the Fund was US$190.38 million.
“The Stabilisation Fund below the Petroleum Income Handlement tells us that we will take some cash from that Fund to assist the financial system by way of acute issue. So, we ought to be focusing on to get some cash to assist the financial system concerning this shortfall,” he indicated.
—GNA
