By: Akua Oteng Amponsah
The Executive Director of the Center for Public Policy, Julius Gyimah who also serves as an economic analyst, has cautioned the Ghanaian government to reduce public expenses to strengthen the economy and decrease reliance on foreign aid.
Speaking on Kasapa Pr3mtobre Kase3 Mr. Gyimah asserted that Ghana being an import-driven economy generating only about 1.2 trillion cedis, must carefully examine its economic inflows, including tax and non-tax revenues, to plan and manage its affairs effectively.
According to the expert, failure to consider these factors and continued borrowing will cripple the economy, as all generated resources will be diverted to servicing the country’s debt.
This has resulted in the annual budget allocating 40-50% of its funds towards interest payments.
However, by implementing economic policies that prioritize internally generated resources and reducing borrowing, the government can create employment opportunities, boost local businesses, and strengthen the economy.
