Economic Experts Ask Government to Remove Subsidies on all Products to Restore the Economy

Ghana's economy and other world economies are going through recession, financial instability and macro-economic stagnation. 

The situation is causing hardships in countries culminating in demonstrations. 

Radio Ghana finds out from some financial and economic analysts what they believe should be done to address challenges. 

First, the Executive Director of ISODEC, Dr. Steve Manteau who said there is macro-economic instability because the managers of the economy have lost control of the financial market. 

He said the worse situation now is the fallen value of the cedi to the dollar.

For his part an Economic Analyst, Isaac Adongo says the current hardship as a result of economic challenges are due to several years of accumulated mismanagement, fiscal deficits and the implementation of subsidy on petrol, diesel and other agricultural products. 

Mr. Adongo called for the removal of subsidy on these products to ensure financial stability. 

He said that is the only way government can address the financial squeeze. 

On taxes and levies and whether or not the Ghana Revenue Authority (GRA) has widened the tax net to rake in expected revenue for government.

Mr. Adongo explains that much is being done in that direction. He agreed with government's decision to suspend the implementation of the 17 percent vat until enough education is done.

On the funding of the Black Stars, Mr. Adongo said the appearance fee sent to Brazil is from sponsors and FIFA. He gave some suggestions for solution.


GBC