Ghana was labeled a broke nation by financial analyst Joe Jackson last year. Therefore, he urged Ghanaians to prepare for a challenging economic climate.
“Anyone who anticipates an easy existence is in for a difficult period. Because Ghana is so financially strapped, the government must reduce its lavish spending because it sends the wrong signals at this time. Instead, official activities must work to change public image “He issued a warning.
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A Financial Analyst, Joe Jackson, said the government must show commitment to the fight against corruption and identify the leakages and waste that cause the country to lose revenue.
Speaking to the host of Sunrise Morning on 3fm 92.7 Alfred Ocansey, Joe Jackson cautioned that government is broke and needs money, but that must not continuously increase the hardship and burden of the Ghanaian “Right now.”
Mr. Jackson believes government must focus on making borrowing “as painless as it can be.”
“For anyone who thinks life is going to be easy, it is going to be a tough time. Ghana is so broke, government must cut down on the luxurious lifestyle because it doesn’t send the right signals and at this time, the right perception must be created by the actions of government” he warned.
On corruption, Joe Jackson says corrupt officials must be punished to serve as a deterrent to other officials who have in mind to misuse state resources for their personal gain.
“The corruption and waste in government must be something that government must show the will and the commitment to address, else there is no point government coming back to us to pay more in taxes.
“Look we are being burdened with the increasing taxes and all we see is the lack of commitment to cut down on the waste in the system, this cannot continue,” he said.
He argued that Ghana would have to continue borrowing to keep the economy afloat, and the borrowing would have to be offset by revenue from taxes.
