Business News of 2014-07-17

Govt’s decisions led to economic woes – Tekper

Finance minister Seth Tekper has admitted that certain decisions taken by government are to be blamed for the country’s current economic challenges. According to Seth Tekper poor estimation on the part of government in taking certain decisions among others may have led to country’s current woes.

‘‘What did we do wrong, if you take the cedi for example everybody knows that the measures that were announced had unintended effects, as a result of which the Bank of Ghana has issued a clarification that Ghana is still a good place to do business in forex that is one example’.

He added ‘could we have anticipated gold prices going down and adjusted for example revenue from gold and not raise expectation that there will be money, that is something, we are building capacity in revenue estimation and UNDP and others have been helping us to improve’.

The economy for some time now has been going through a number of challenges including revenue shortfalls, a ballooning budget deficit, a weak currency amidst high inflation and slow economic growth.

Government has for some time now blamed the country’s woes on low global commodity prices leading to a plunge in revenue, the country’s growing appetite for imported goods leading to the cedi’s poor performance, disruption in gas supply and delays in receiving grants from donor partners among others.

But speaking to Citi breakfast show host Bernard Avle, Seth Tekper admitted government is bound to make mistakes and must correct them when it does. ‘Government is not perfect and government will not get it right so government make mistakes and when we make mistakes, I think we have to correct them,” he said.

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