The founder and leader of Crusaders Against Corruption Mr. Emmanuel Wilson has said that the mid-year budget review presented by the finance minister is a clear indication that finance minister Ken Ofori Atta and President Akuffo Addo don’t know the realities on the ground.
Speaking to Ohene Kinnah on Plan B FM’s late afternoon EBAANOSEN, Mr. Wilson said, the government must strengthen anti-corruption measures and institutions to curb corruption in financial management.
This includes fostering a culture of accountability, enhancing transparency in public procurement, and enforcing strict penalties for corrupt practices. Additionally, promoting whistleblower protections and encouraging citizen participation can contribute to a more accountable and transparent financial system.
He stressed that in presenting the mid-year budget to Ghanaians through Parliament, It is also important that we all realize that Ghana’s current economy can best be described as non-existing due to all the weak and falling cedis which is a result of mismanagement, corruption, and unpatriotic decisions that have been made over these past periods.
If there is any interest in saving Ghana, then there should be a strong and urgent position by both leaders and citizens that there would be no more lip service but rather the implementation of real trackable and traceable actions and a regular update to us the citizens on how public funds are spent, including the list of public contracts that are given. Comprehensive and Strategic Approach Due to the urgency of our economic situation, and to get Ghana’s financial and economic house in order, Crusaders Against Corruption is proposing 8 comprehensive and strategic approaches as mentioned below:
Mr. Wilson maintained that we must implement responsible and transparent budgeting practices to ensure that government spending aligns with available resources and development priorities. This includes setting realistic revenue targets and allocating funds efficiently and wisely.
“We must exercise discipline in managing public finances by controlling expenditures, avoiding unnecessary borrowing, and reducing wasteful spending, this includes prioritizing essential sectors like healthcare, education, and infrastructure while eliminating inefficient and non-productive expenditures”
He said the Finance Ministry led by Mr. Ken Ofori Atta must explore strategies to increase revenue generation, such as broadening the tax base, improving tax administration, and combating tax evasion. This includes minimizing tax exemptions and creating a business-friendly environment that encourages investment and economic growth.
“Government must implement prudent borrowing practices to manage public debt effectively in ensuring that debt levels are sustainable, regularly reviewing and optimizing debt structures, and reducing reliance on expensive loans, Additionally transparent communication and monitoring mechanisms should be in place to track the impact and use of borrowed funds and Parliament of Ghana must not approve any further loans” he added
He again said we must foster economic diversification by supporting the growth of non-traditional sectors and promoting export-oriented industries. This will reduce dependence on volatile commodity prices and create sustainable revenue streams.
There is an urgent need to strengthen regulatory frameworks and supervision of the financial sector to ensure stability, integrity, and accountability, this includes implementing robust risk management practices, improving corporate governance, and enhancing the capacity of regulatory bodies to identify and address potential financial risks.
He further stated that, encouraging aging Public-Private Partnerships could save the economy of Ghana, there is a need to foster partnerships between the public and private sectors to leverage private sector expertise, investment, and innovation in infrastructure development and other key sectors. This can help reduce the burden on public finances and promote more efficient service delivery. Conclusion It is important to note that implementing these steps requires effective leadership, political will, and active participation from all stakeholders.
Continuous monitoring, evaluation, and adjustment of policies are essential to ensure progress and sustainability in getting Ghana’s financial house in order.