Accra, Sept.4, The two-day national economic forum ended lastnight but without the final prescriptions for the effective management of the country's economy. As a result, a post-forum committee will be set up latest on Friday, September five to synthesise the reports of the forum's four subject-matter groups on agriculture, macro-economic stability, employment and manufacturing. The proposed committee is expected to include representatives of the National Development Planning Commission (NDPC), Ministry of Finance, Private Enterprise Foundation (PEF) and the Trades Union Congress (TUC). Others are the Parliamentary majority and minority groups, the Universities, Security Services, the chairpersons and rapporteurs of the four groups, professional bodies and some selected personalities. The forum which was organised by the National Development Planning Commission was under the theme, "Achieving National Consensus on Policy Measures for Accelerated Economic Growth within the framework of Ghana - Vision 2020". Though the various groups reached a consensus and presented their reports there seemed to be some rough edges which need to be smoothened. A major breakthrough of the consensus build-up was the report by the group on macro-economic stability which recommended the re- introduction of the Value- added tax (VAT) as "an efficient tax system for revenue generation". According to the group, the VAT should be accepted to enable the government increase its revenue for development. "There is a severe revenue crunch ahead of us so that in the spirit of accepting it the group decided that with the re- introduction, there should be no winners and no losers". The group maintained that VAT must not be politicised, rather it should be part of a package to attain macro-economic stability, the group said. Members of the group agreed that for effectiveness and efficiency in the collection of taxes, the relevant institutions should be provided with the necessary logistics and a data-base. The privatisation of Customs, Excise and Preventive Service (CEPS) was accepted in principle for future consideration. The group also called for supplementary legislation in addition to the legal and constitutional backing of the Governor of Bank of Ghana to pursue monetary policy in the interest of the nation. Among its recommendations, the group on agriculture took cognisance of the inadequate credit facilities in that sector and urged the government to mobilise domestic and external resources for the purpose. For the long-term financing of the sector, the group urged the bank of Ghana to issue bonds to finance agriculture projects. The group on employment and human development agreed on the need to harmonise existing training needs and strategies for the benefit of the large number of the unemployed. Closing the forum, the Vice President Professor John Atta Mills thanked the participants and said the government was eagerly waiting for the final report on the forum for implementation. He appealed to the participants to make known to the proposed committee any areas which do not reflect in the interim reports. Mr. Abdoulie Janneh, U.N Resident co-ordinator in Ghana said the country would continue to benefit from increased support from its development partners including the United Nations. He, however, cautioned that the contribution of foreign capital - investment loans and aid - must essentially serve as a supplement to domestic resources if the country is to embark on a self-sustaining process. About 300 participants including representatives of the donor community and diplomatic missions took part in the forum.
Accra, Sept.4, The two-day national economic forum ended lastnight but without the final prescriptions for the effective management of the country's economy. As a result, a post-forum committee will be set up latest on Friday, September five to synthesise the reports of the forum's four subject-matter groups on agriculture, macro-economic stability, employment and manufacturing. The proposed committee is expected to include representatives of the National Development Planning Commission (NDPC), Ministry of Finance, Private Enterprise Foundation (PEF) and the Trades Union Congress (TUC). Others are the Parliamentary majority and minority groups, the Universities, Security Services, the chairpersons and rapporteurs of the four groups, professional bodies and some selected personalities. The forum which was organised by the National Development Planning Commission was under the theme, "Achieving National Consensus on Policy Measures for Accelerated Economic Growth within the framework of Ghana - Vision 2020". Though the various groups reached a consensus and presented their reports there seemed to be some rough edges which need to be smoothened. A major breakthrough of the consensus build-up was the report by the group on macro-economic stability which recommended the re- introduction of the Value- added tax (VAT) as "an efficient tax system for revenue generation". According to the group, the VAT should be accepted to enable the government increase its revenue for development. "There is a severe revenue crunch ahead of us so that in the spirit of accepting it the group decided that with the re- introduction, there should be no winners and no losers". The group maintained that VAT must not be politicised, rather it should be part of a package to attain macro-economic stability, the group said. Members of the group agreed that for effectiveness and efficiency in the collection of taxes, the relevant institutions should be provided with the necessary logistics and a data-base. The privatisation of Customs, Excise and Preventive Service (CEPS) was accepted in principle for future consideration. The group also called for supplementary legislation in addition to the legal and constitutional backing of the Governor of Bank of Ghana to pursue monetary policy in the interest of the nation. Among its recommendations, the group on agriculture took cognisance of the inadequate credit facilities in that sector and urged the government to mobilise domestic and external resources for the purpose. For the long-term financing of the sector, the group urged the bank of Ghana to issue bonds to finance agriculture projects. The group on employment and human development agreed on the need to harmonise existing training needs and strategies for the benefit of the large number of the unemployed. Closing the forum, the Vice President Professor John Atta Mills thanked the participants and said the government was eagerly waiting for the final report on the forum for implementation. He appealed to the participants to make known to the proposed committee any areas which do not reflect in the interim reports. Mr. Abdoulie Janneh, U.N Resident co-ordinator in Ghana said the country would continue to benefit from increased support from its development partners including the United Nations. He, however, cautioned that the contribution of foreign capital - investment loans and aid - must essentially serve as a supplement to domestic resources if the country is to embark on a self-sustaining process. About 300 participants including representatives of the donor community and diplomatic missions took part in the forum.
Copyright © 1994 - 2024 GhanaWeb. All rights reserved.
