Coronavirus: Be circumspect in economic recovery programme – Finance expert tells govt

A financial expert, Professor Noel Tagoe has admonished government to be circumspect in its expectation of reviving a coronavirus ravaged economy.

According to him, government must tread cautiously and not rush as it implements its growth-related policies towards reviving the economy.

In an interaction with Accra-based JoyFM monitored by GhanaWeb on April 6, Professor Tagoe opined; “It’s like having moved from intensive care to the ward. As I see the current budget, it’s as if you are moving from the intensive care to the ward and you are been required to recover very fast. I think the pace of recovery that is being canvassed is very ambitious.”

Prof Noel Tagoe further cautioned that government’s failure to adequately implement its economic and social revitalization measures has the potential to affect investor confidence in Ghana.

He urged for an aggressive and broad-based tax generation effort in order to shore up domestic revenue for national development.

“Indirect taxes are one of the most regressive. It’s regressive because the rich pay the same proportion as the poor pay. When it comes to contributing to national development, you have to contribute according to your ability to contribute,” he said.

Meanwhile, President Akufo-Addo has reassured citizens the economy will bounce back despite the ravaging effects of the Coronavirus pandemic.

In his Easter address on April 1, 2021, president Akufo-Addo said government is determined to outline a series of measures to revive and revitalise the economy.

“I know that, as a result of the pandemic and its impact on the economy, things are not what we would like, as far as the economy is concerned. We have, however, outlined a series of measures which, I am confident, will begin the revival and revitalization of the economy, and the rapid growth of the economy which we witnessed before the pandemic will be back again. The future is bright,” the president said.