“The unilateral domestic debt exchange announcement will destroy Ghana’s credibility” -Togbe Afede XIV

The Paramount Chief and the Agbogbomefia of the Asogli State, Togbe Afede XIV has also says the unilateral domestic debt exchange announced is a wrong response that will destroy our credibility as a country, undermine the progress we have made in the development of our capital market,especially the debt market, and set us back several years.

According to him ,as an alternative, government could decide the following quickly, and make projections of
revenue and expenditure accordingly to form the basis of a new strategy in debt negotiations:
1. Implementation of the most drastic measures necessary to rein in corruption
2. Increase of taxes on high income earners, companies, and property
3. Introduction of taxes on income from tax-exempt government domestic bill and bond
investments
4. Immediate re-introduction of road tolls at much higher rates than they were in the past
5. Suspension of non-essential new capital projects
6. Suspension of funding of non-essential and unproductive projects like the National Cathedral
7. Implementation of other expenditure reduction measures to affect, among others, number of
political appointments, allowances paid to public sector employees, foreign scholarships,
foreign travel, vehicle procurement, and end of service benefits.
8. Freezing of non-essential capital expenditure by major state-owned enterprises (SOEs) and
enhancement of their dividend payments to government
9. Support of private sector investment in infrastructural projects, and
10. Sale of non-strategic state assets.

“The dangers we faced were evident, and these measures could have been implemented at least a
year ago if we had not been in denial. All said, our current situation is the product of our past
actions and inactions, including our apathetic attitude to corruption over the years. Our future
will reflect the actions we take at this critical time in our history. Fighting poverty requires that
we all join in fighting every obstacle to our prosperity”.

By uniquenewsgh.com

End.