A think tank, Think Progress Ghana, has called for a full disclosure of the current state of the economy to attract the needed support for the revival of the economy.
Following the first phase of the International Monetary Fund (IMF) data collection and assessment, information pointed the economy at a bad financial situation anchored on mismanagement and general disregard for debt management and fiscal prudence.
In a press statement issued by the think tank as per information issued on the website of the IMF, the country is in deep debt crisis and needs debt restructuring and balance of payment bailout. The IMF also stated among others that the government should provide credibility for monetary policy.
“It is thus clear that economic data points to a dire fiscal and monetary difficulties that call for more disclosures and transparency. We do not think government is transparent and willing to disclose information about the state of the economy and the functioning state of our key economic and fiscal institutions,” the statement said.
Think Progress Ghana, therefore, is demanding that the government should provide certain information concerning public debts and balance of payment position of the country.
Information required include; General public debts including sovereign guarantees, and debts of Cocobod, total energy sector indebtedness, status of public sector pensions and the status of Ghana’s international reserves.
Think Progress Ghana is also requesting for information pertaining to the assessment of debt restructuring and balance of payment position, extent to which Bank of Ghana is raising debts to finance amortization of loans and interest payments including maturing treasury bill payments, nature and scope of home-grown policies submitted to the IMF team as well as the status of arrears relating to statutory funds and payments to contractors.
Additionally, information regarding the financial status of planting for food and jobs, indebtedness by State Owned-Enterprises (SOEs), and government borrowings through SOEs, report on cost-benefit analysis of tax waivers and tax-exemptions given to corporations and the status of Ghana Gas and Ghana National Petroleum Corporation (GNPC) is expected to be made known to the public to attract the needed support for the economy.