Strengthen Domestic Revenue Mobilisation – IMF To Govt
Dr. Adrian Alter with Board Members of CCIFG The IMF Resident Representative for Ghana, Dr. Adrian Alter, has stated that although the country’s debt sustainability has improved significantly from Read More... The post Strengthen Domestic Revenue Mobilisation – IMF To Govt appeared first on DailyGuide Network .
IMF Representative for Ghana, Dr. Adrian Alter, emphasized the importance of enhancing domestic revenue collection during a discussion on Ghana's economic outlook, primarily focused on private sector growth, energy, agriculture, and infrastructure. Dr. Alter acknowledged that Ghana's debt sustainability had significantly improved, moving from a high-risk category to a moderate risk level, but cautioned that higher domestic revenues were necessary to withstand potential future economic shocks.
The Resident Representative pointed out that while most debt indicators had improved, debt service obligations relative to exports and revenue remained areas of concern. He highlighted challenges in State-Owned Enterprises (SOEs), public procurement, the energy sector, and the gold sector as critical areas that required policy attention to sustain the country's economic recovery.
Dr. Alter also pointed out that the recent amendments to the public procurement law offered an opportunity to improve procurement practices across various government levels. Furthermore, he highlighted the challenges in the energy sector, particularly issues with the Electricity Company of Ghana (ECG), and emphasized the need for continued reforms.
Dr. Alter explained that the Policy Coordination Instrument (PCI), an IMF-supported program, aimed to consolidate economic gains, strengthen institutions, and build resilience, serving as a framework for monitoring and supporting government reforms, unlike traditional financing programs. The French Ambassador to Ghana, Diarra Dime-Labille, echoed the importance of translating recent economic gains into increased investment and productivity, while acknowledging that businesses were yet to fully reap the benefits of the recovery.
She questioned how to ensure stability, given the uncertain global economic environment. The dialogue, held in Accra, brought together various stakeholders, including business leaders, economists, and government representatives, to discuss the nation's economic trajectory and potential growth avenues.
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