Pressure Group Carves 12 Policies To “Save” Ghana

Pressure group Fighters League has woven out twelve policy options for the government of Ghana.

The group is certain that the policy options are capable of saving Ghana from the economic recession in which it finds itself.

The options include the replacement of Ministers’ V8 vehicles with less expensive and less fuel-consuming ones; reduction of the number of ministers; scrapping of ex-gratia; removal of Chief Executive Officers (CEOs) of State-Owned Enterprises from government payroll.

They’ve also proposed the removal of “unnecessary” levies from petroleum products; application of stabilisation levy; renegotiation of extractive contracts; abolition of tax concessions for foreign companies.

“Claim foreign shares from foreign companies especially multinationals who gain significant dollar value from Ghana”; institution of universal basic income; Enforcement of transactions in cedi only; and reduction in port rate for essential goods.

According to the group, the options are “simple” and capable of saving Ghana.

Ghana is currently plunged into an economic turmoil with a soaring inflation rate and a steep cedi depreciation.

Last week, the cedi was crowned the worst performing currency against the dollar worldwide.

Plus, International rating agencies have downgraded Ghana’s long-term issuer to a junk status.

Last month, Moody’s downgraded Ghana’s long-term issuer and senior unsecured debt ratings to Caa2 from Caa1 citing the recent macroeconomic deterioration, further heightening the government’s liquidity and debt sustainability difficulties and increasing the risk of default.

Additionally, the World Bank has classified Ghana as a high debt distress country as it projects the nation’s debt to Gross Domestic Product (GDP) of 104.6% by the end of 2022.

But the only hope of the government seems to be the International Monetary Fund (IMF)-sponsored programme.

The Finance Minister has said the government wishes to secure the IMF’s support for a programme before the end of December this year- a hope many finds ambitious and unfeasible.

The government is seeking a US$3 billion loan facility from the IMF if the negotiations go well.

Source: opemsuo.com/Hajara Fuseini