The federal government should prioritise efforts to revive macroeconomic stability and regain confidence within the financial system, contributors on the simply ended National Financial Dialogue (NED), have really helpful.
A communique issued on the finish of the programme final Tuesday and skim by the Chairman of the NED 2025, Dr Ishmael Yamson, urged the federal government to reinforce coordination between fiscal and financial coverage operations and obtain alignment.
It stated the federal government should evaluation the international change retention regime to assist financial stability.
“The federal government ought to implement main tax reforms that increase the tax web, together with property taxes, revise Worth Added Tax price and handle income leakages,” the communique said.
The 2-day programme was on the theme: ‘Resetting Ghana: Constructing the Economic system We Need Collectively.’
It was attended by authorities officers, coverage makers, enterprise leaders, Members of Parliament, members of the diplomatic corps, improvement companions, representatives of banking, finance and insurance coverage organisations, civil society organisations, educational and analysis consultants, girls and youth group representatives, clergy, conventional leaders, neighborhood representatives, grassroots Ghanaian residents, and a cross part of the general public to debate measures to foster inclusive financial development and nationwide improvement.
The high-level nationwide discussion board served as a platform to evaluate the present state of Ghana’s financial system, interact key stakeholders in constructive dialogue, and develop actionable options to reset the financial system for sustainable and inclusive development.
The dialogue was centred on six thematic areas particularly, Macroeconomic Stability: Restoring Confidence in Ghana’s Economic system;
Development with Diversification, Export Competiveness, Productiveness, Expertise and Human Properly-being): Reaching Inclusive and Sustainable Financial Transformation; Personal Sector-led Development: Unlocking the Full Potential of Enterprisees; Infrastructure Improvement: Addressing the Deficit for Economic Transformation; Structural and Coverage Reforms: Strengthening Key Sector for Development and Good Governance, Accountability and Anti-Corruption Measures.
It stated the Public Monetary Administration (PFM) system should be overhauled to make sure compliance with the PFM Act, 2016 (Act 921) and reformed the Fiscal Responsibility Act, 2018 (982).
The contributors suggested that state-owned-enterprises should be reformed and may go by clear monetary reporting and good company governance practices.
The communique additional emphasised the necessity for the federal government to strengthen expenditure controls in public companies and useful resource the inner audit regime to be efficient.
“The federal government should set up a reputable medium time period expenditure framework that ensures enough provision of funding for projects earlier than graduation and aggressively pursue inclusive and sustainable development for financial transformation,” the communique defined.
It stated the federal government should set up new agricultural institutes and improve present ones to foster experience, drive innovation, and stimulate curiosity in industrialised agricultural manufacturing.
The contributors known as for personal sector participation within the distribution of electrical energy and counseled that the federal government ought to conduct a complete evaluation of Electrical energy Firm of Ghana’s (ECGs) operations and implement crucial reforms to place it for potential non-public sector involvement.
Furthermore, the communique stated the federal government should energyen ECG’s billing and assortment techniques whereas implementing cost-cutting measures to enhance operational effectivity and repair supply.
It additional stated the federal government should finalised the evaluation of Independent Energy Buy contracts and renegotiate phrases to decrease energy buy prices and improve monetary sustainability.
The communique really helpful that COCOBOD should be to its position as an company underneath the Ministry of Finance and guarantee it targeted on its core mandate of guaranteeing the efficiency of the sector and defending the curiosity of farmers.
BY KINGSLEY ASARE
