Today, the Finance Minister is anticipated to deliver Mr. John Mahama’s first budget.
The presentation comes just one week after the government convened some of the best economists and influential members of the business sector to discuss the nation’s current economic problems, which the government has referred to as a crisis.
Many people expect that the solutions given at the conclusion of the two-day event, which focused on six theme areas, will be reflected in the budget and the economic policy statement for the year 2025.
These sectors include infrastructure development and growth with diversification, export competitiveness, productivity, technology, and human well-being; restoring good governance; private sector-led growth; structural policy reforms; and macroeconomic stability.
Stakeholders anticipate that the government will spearhead extensive and long-lasting public sector reforms to boost productivity and boost private sector involvement and investment in the economy, according to outputs gathered in a communiqué.
By announcing significant tax reforms to address revenue leakage, broaden the tax base, and create a credible medium-term expenditure framework that guarantees sufficient funding for projects prior to their start, the government is expected to restore macroeconomic stability and boost economic confidence.
Stakeholders anticipate that the government will examine and implement a simplified tax structure for agricultural inputs and outputs in order to encourage efficiency, lessen burdens, and support sector growth in order to vigorously pursue inclusive and sustainable growth for economic transformation.
They want the government to support measures that link present and future developmental priorities in order to proactively address skill gaps.
In order to address the infrastructure deficit, stakeholders want the government to introduce a variety of investable asset classes through the Ghana Stock Exchange (GSE) and the Ghana Infrastructure Investment Fund (GIIF); they also want the government to update the rules governing pension fund investments to better align with infrastructure projects and guarantee long-term economic growth and sustainable development.
In order to enhance the sector’s efficiency, sustainability, and service delivery, the government is supposed to give guidance on economic restructuring through the efficient implementation of the Energy Sector Review Policy.
Enhancing ECG’s billing and collection systems and implementing cost-cutting initiatives to increase operational efficiency and service delivery; conducting a thorough evaluation of ECG’s operations and putting it in a position for possible private sector engagement.
Energy industry participants anticipate the release of actions to complete the evaluation of Independent electricity Producers (IPP) contracts and renegotiate terms in order to reduce the cost of electricity purchases.
Source: newsthemegh.com