Business News of Tue, 18 Aug 20152
‘Seal revenue leakages’
Professor Kwame Boasiako Omane-Antwi, Vice Rector and Dean, Pentecost University College Graduate School (PUCGS), has called on government to come up with stiffer punishment that will deter the practice of revenue stealing and make its diversion unattractive.
In a statement read on his behalf at a seminar on the mid-year budget review by PUCGS recently in Accra, the Vice Rector said revenue leakages should be sealed, and called on government to diversify the revenue sources to improve domestic revenue mobilization.
Prof. Omane-Antwi said non-tax revenue was one source that could be harnessed to improve revenue.
“The non-tax revenue unit in the Ministry of Finance should be resourced and motivated to enhance revenue collection.”
He called on managers of the economy to garner the will-power to pursue policies including fiscal discipline that hinges on prudent public expenditure management; enhance domestic revenue mobilization; and public sector reforms, with particular emphasis on right-sizing the public service.
“Other policies that need to be pursued are reclassification of public debt and improvement in public debt management and encouraging the private sector to participate in the accelerated growth agenda through Public Private Partnership”, Prof. Omane-Antwi mentioned.
He stressed that the tax policy initiatives outlined in the 2015 budget statement be implemented.
Prof. Omane-Antwi commended government for coming up with the 40-year development plan, stating this is needed to guide the country in its developmental efforts.
“The plan, if followed, will ensure sustainable development for our country. It is far better than developing our country based on party manifestos”.
He said the government must bring the citizenry on board by providing a desk at the Secretariat of the NDPC where contributions from the general public would be received.
Prof. Omane-Antwi proposed that the final document should be voted upon in a referendum for it to be accepted as national in character.