Seth Terkper, former Finance Minister
Former Finance Minister Seth Terkper has advised the government to find ways and means of paying off debts after borrowing.
Speaking at a media dialogue-themed ‘Ghana’s IMF programme’ organized by PFMTAX AFRICA NETWORK, he noted that Ghana is on a slippery path if we continue to use the primary balance to determine our deficit.
According to him, one of the main reasons the country keeps facing a financial crisis and borrowing is that Ghana does not pay back its debts.
“If you borrow, find a way to pay. It is very important that we do this. We also have to set up a debt management fund if we really want to stop borrowing and also take arrears seriously as a nation,” he emphasized.
He added that if we want to stop borrowing or even pay off debts immediately as a country, we need to cut down on our expenditures.
“Also, bringing taxes like e-levy into the system to help us pay our debts is not wrong, but the structure is what you should look at. We need to come to a point that in moving forward in our country, we have to be transparent,” he stated.
The media dialogue focused on Ghana’s fiscal situation and the country’s IMF programme.
