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Business News of Friday, 16 October 2020

Source: www.ghanaweb.com

BizTech: Life could become unbearable if widening fiscal deficit persists – Dr Mensah

A Senior Lecturer at the Finance Department of the University of Ghana Business School (UGBS), Dr Lord Mensah, has said the widening fiscal could be dire for Ghanaians if it persists.

He told BizTech on GhanaWeb TV on Friday, October 16, 2020, that the huge debt that has been widening the fiscal deficit figure is not translating significantly into infrastructural projects.

According to him, if the widening fiscal deficit persists, it is will compel the government to increase taxes.

This will, in turn, translate into reduced income for the ordinary Ghanaian.

He said the government must reduce spending and improve its revenue mobilisation efforts and revenue streams.

The comment by the Senior Lecturer at the UGBS follows a recent World Bank caution to Ghana to check its gaping fiscal deficit.

The World Bank warned Ghana in its Africa Pulse report, released in October, that Ghana is among the countries that are expected to see fiscal deficit increase significantly to double-digits by the end of 2020 due to loss of revenue and increased spending.

The Bretton Woods institution said this will further shoot up public debt in 2020.

Watch the FULL INTERVIEW with Dr. Lord Mensah below:

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