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Business News of Tuesday, 4 October 2022


Cut down freebies for appointees - Prof. Yevugah urges government

Professor Lord Mawuko-Yevugah Professor Lord Mawuko-Yevugah

A development and international relations analyst, Professor Lord Mawuko-Yevugah, has called on President Nana Addo Dankwa Akufo-Addo to cut down the freebies of his appointees due to the general economic difficulties being experienced in the country.

Also, he has called on the president to scrap the positions of regional ministers and those of deputy Chief Executive Officers of state agencies.

According to Prof Mawuko-Yevugah, the move will enable the government to reduce cost on the public purse and save money to fund productive sectors of the economy.

“Every political appointee should get his own car, accommodation and other privileges. These freebies are not sustainable. If someone chooses to be a politician, he should carry his own burden,” Prof Mawuko-Yevugah said.

Prof. Mawuko-Yevugah made the call in Accra at a lecture on the topic: “COVID-19 Pandemic, Russian-Ukraine War and Ghana’s Economic Crisis,” and monitored by GhanaWeb.

The lecture was organised by Think Progress Ghana (TPG), a policy think tank, and the Graduate Students’ Association of Ghana of the Ghana Institute of Management and Public Administration (GIMPA).

Prof. Mawuko-Yevugah explained further that the impact of the COVID-19 pandemic and the Russia-Ukraine War have been more significant in fragile and emerging economies, exposing the weak foundations of such economies on the one hand, and their vulnerabilities on the other hand.

He added that the Ghanaian economic crisis remains an undeniable thing that has been often stated by many government officials, political and economic actors, scholars, the ordinary Ghanaian and indeed, the country’s international development partners, including the Bretton Woods Institutions - IMF and the World Bank.

“The crisis is manifested in rising inflation, rising budget deficits, ballooning and unsustainable debts levels, precipitous depreciation and fall in the value of the local currency (the cedi) relative to the major foreign currencies,” he said.

Prof. Mawuko-Yevugah also said that managing and surmounting Ghana’s perennial economic crisis requires more than short-term artificial macro-economic fixes.

He said it requires a complete overhaul and restructuring of the economy, making it less dependent on global markets and the benevolence of others.

Prof. Mawuko-Yevugah also advised stakeholders in revenue to check loopholes in revenue mobilisation by closing it, and establish a tough tax collection regime to ensure maximum local revenue mobilisation.

“Expenditure controls are required including a stringent public financial management system and reviewing the public or political incentive system,” he said

He stated that cost-saving measures including removal of perks and other burdens on the public purse would keep expenditures in check, and in saving money to fund development infrastructure.

“Immediate (short-term), as well as long-term measures, are required in dealing with the current and future crisis in the economy,” Prof. Mawuko-Yevugah said.

Professor Anthony Mawuli Sallar, Executive Director, Think Progress Ghana, said the aim of the think-tank policy was to bridge the gap between intellectuals, researchers, politicians and policymakers.

He said TPG relied on the experience and expertise of renowned scholars from diverse disciplinary and professional backgrounds to provide fit-for-purpose solution to challenges in economic, social, cultural, political, and health issues.

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