Ghana’s former Finance Minister, Seth Terkper, has urged the government to focus on responsible debt management and seek alternative funding sources beyond short-term treasury bills. Terkper expressed concern about the country’s heavy reliance on T-bills for financing during a media dialogue on Ghana’s International Monetary Fund (IMF) program.
He emphasized that sustaining the economy on treasury bills, which have a lifespan of three months, is unsustainable as it leads to an increase in public debt without a proper payment mechanism. Terkper also cautioned the government about the implications of excluding the nation’s outstanding arrears from the total debt stock.
Furthermore, Terkper advocated for the elimination of the Electronic Transaction Levy, citing its failure to meet its objectives. Instead, he suggested implementing a digitalized tax system by the Ghana Revenue Authority to enhance efficiency and boost domestic revenue collection.
The media dialogue, organized by PFM Tax Africa Network, served as a platform for discussing national economic issues with media professionals and experts. This event provided valuable insights into the importance of sound financial management and exploring diverse funding options to support Ghana’s economic stability and growth.
