Finance Professor at the University of Ghana, Professor Godfred A. Bokpin, has suggested that government should consider employing a strategy similar to what is done during wartime to tackle the economic difficulties currently affecting the nation.
He emphasized that issues such as corruption, low tax revenues, public spending, and other economic obstacles need to be tackled deliberately.
Professor Bokpin made these remarks during a roundtable dialogue organized by Caritas Ghana in Accra, which focused on examining the impact of Economic Recovery Programs on social protection in Ghana.
The purpose of the dialogue was to highlight best practices, identify deficiencies and challenges, and propose recommendations and collaborative actions to ensure that Economic Recovery Programs in Ghana align with social protection objectives.
The event brought together participants from academia, civil society groups, faith-based organizations, and policymakers.
Professor Bokpin also highlighted the success of developed countries like Malaysia and South Korea, attributing their achievements to their aggressive efforts in combating corruption, intentionality, and consistency in addressing economic issues.
‘‘If we were efficient and prudent, less corrupt in utilising the tax revenues, the development outcome should be higher and better than what we have right now, and the reason we are in this sitaution cannot and should not simply be because we have nort taxed ourselves enough,’’ he stated.
Professor Bokpin pointed out that Ghana’s Value Added Tax (VAT) is one of the highest in Africa, standing at approximately 21.9 percent, which he considered excessive. He mentioned that having such a system makes it challenging for the population to save and make proper investments to capitalize on the limited economic opportunities available.
Reverend Sister Professor Eugenia Amporfu, an economist and professor at Kwame Nkrumah University of Science and Technology, urged the government to adopt a strategic approach to revenue collection.
She attributed the high unemployment rate to the country’s inability to expand its industrial sector to accommodate the growing youth population.
Professor Amporfu also called on Faith-Based Organizations and civil society groups to take the lead in promoting quality leadership and governance while demanding accountability from the government.
Father Clement Kwasi Adjei, Secretary General of the National Catholic Secretariat, emphasized the importance of ensuring that the benefits of economic recovery are distributed equitably, reaching the most vulnerable segments of society.
He stressed the critical role of social protection in ensuring that the needy, especially the poor and marginalized, have access to essential services, resources, and opportunities.
Fr. Adjei further emphasized the need for stakeholders to engage in substantial discussions and knowledge sharing to generate actionable recommendations.
These recommendations can guide policymakers and practitioners in designing and implementing comprehensive approaches to social protection that complement recovery programs.