Business News of Sunday, 14 July 2013
A former Board Member of the Ghana Revenue Authority, Professor Cletus Dordunoo, says Ghana has one of the fragile economies in the world.
According to the financial analyst, the economy in the West African nation has not been in a good state since the days of the first president, Osagyefo Kwame Nkrumah.
“[In] our 56 years of independence, we have never put the wheels of economic growth on the road.”
Prof. Dordunoo was speaking on TV3’s Headlines programme on Saturday, July 13, 2013 when he made these comments; this come on the heels of a press conference held by the opposition New Patriotic Party (NPP) questioning the Minister of Finances' assurance that the economy is doing well.
“The economy has not been able to sustain steady supply of water or energy, particularly electricity,” Prof. Dordunoo cited.
He blamed the situation on successive government’s sole target of single-digit inflation, at the detriment of other sectors of the economy.
“We have to have multiple targeting,” he recommended.
He said: “Unemployment itself is a misery to the economy”.
He noted that manufacturing is the “exhaust” of any booming economy, and that should be the vision of government.
He also observed that Ghanaians are indifferent to payment of tax because the results are not visible enough.
“Ghanaians are very wise people that if they see the value of their taxes, they will continue to contribute,” he said, advising government to widen the tax net in order to get more people contribute.