Collection of the land rate, widening of the necessary net tax – Opoku-Afari
Teacher. Nana Aba Appiah Amfo (left), Ag. Vice Chancellor, UG, interacting with Dr Maxwell Opoku-Afari (2nd right), First Vice Governor, BoG, and Dr Ernest Addison, Governor, BoG. With them is Professor Justice Nyigmah Bawole (2nd from left), Dean of the University of Ghana Business School. Image: Maxwell Ocloo
Bank of Ghana (BoG) First Deputy Governor Dr Maxwell Opoku-Afari said that effectively collecting the property rate and capturing the informal sector in the tax bracket were ways to generate resources sufficient to finance development.
He said the country has faced a significant reduction in development assistance since achieving middle income status which has forced the government to look inward to mobilize resources to support development.
The vice-governor therefore called on the population, in particular the private sector, to support the government’s efforts to generate the resources and capacities necessary to meet the country’s development challenges.
Dr Opoku-Afari was speaking at a public conference organized by the University of Ghana Business School (UGBS) in Accra last Thursday on the theme: “Rethinking Development Finance: Macroeconomic Management When Love is Gone .
It was the turn of the deputy governor to give the conference as a business executive in residence (CEIR) for a year.
It had hosted such figures as Governor of BoG, Dr Ernest Addison, Acting Vice Chancellor of the University of Ghana, Professor Nana Aba Appiah Amfo, Dean of UGBS and Professor Justice Bawole.
Attendees included faculty, students and other guests from the public and private sectors.
According to Dr Opoku-Afari, “this conference calls for our support from all of us, especially the private sector, to help generate the capacity needed to carry out the many projects that we expect the government to solve.”
He said the country’s official development assistance (ODA) inflows had dried up and alternative sources of finance were now needed to close the gap.
“ODA from bilateral and multilateral sources in the late 1980s and early 2000s was a major source of medium and long-term concessional finance for the country and was intended to support the development of infrastructure and human capital. , but was sometimes used as balance of payments support.
“With the recognition that love is gone, ODA inflows have dried up, alternative sources of funding are needed to bridge the gap,” added the vice-governor.
According to him, it is necessary to have a social contract with the government – where citizens commit to paying taxes and the government also commits to using these resources efficiently for the provision of public goods, ”he said. he declares.
Dr Opoku-Afari added that “we should continue to think big, start small, but we have to start tackling these challenges now.”
Focus on tourism
Conference chairman Professor Amfo said the government should take steps to improve the country’s domestic revenue mobilization efforts with particular emphasis on tourism and culture, as these were areas in which the country had a competitive advantage and, moreover, needed to be harnessed.
“For a year and a half since the COVID-19 pandemic broke, this has brought about a situation where nations must be fully in charge of their own affairs,” she added.
“For his part, Professor Bawole said the university is investing in cutting-edge technology to improve teaching and learning to ensure that students get the best digital skills for the job market.