Deputy Finance Minister-designate, Thomas Nyarko Ampem, stresses the need for Ghana to plan without external aid due to recent funding cuts. He aims to boost revenue through digital technology and improve financial management with the GIFMIS platform. Ampem targets increasing tax revenue and lowering inflation while supporting local Assemblies in efficient toll collection and promoting a 24-hour economy with reduced tariffs for night-shift companies.
Mr. Thomas Nyarko Ampem, the Deputy Finance Minister-designate of Ghana, emphasized the need for the country to develop independent financial strategies due to declining external aid. He noted significant funding cuts, specifically the cancellation of $156 million in support from the USAID, highlighting the urgency for Ghana to create sustainable financial plans without relying on external support.
During his vetting by the Appointments Committee of Parliament, Ampem expressed his commitment to support the sector minister in utilizing digital technologies to enhance state revenue collection. He aims to implement the Ghana Integrated Financial Management Information System (GIFMIS) to enhance transparency, accountability, and to curtail procurement irregularities across Ministries, Departments, and Agencies (MDAs).
Furthermore, Ampem intends to increase Ghana’s tax revenue-to-GDP ratio from 13.8% to 18% and to lower inflation rates from 23% to approximately 8%. He affirmed his readiness to work on implementing the key indicators outlined in the International Monetary Fund (IMF) program, focusing on efficiency and fiscal responsibility.
He also plans to enhance the efficiency of market toll collection through the adoption of electronic digital technology across local Assemblies. Additionally, he discussed the government’s 24-hour economy initiative, indicating that night-shift companies would benefit from reduced electricity tariffs, promoting economic activity after regular hours.
In summary, Mr. Thomas Nyarko Ampem advocates for Ghana to become self-reliant in its financial planning in light of reduced foreign aid. His approach involves leveraging digital technology to enhance revenue collection and improving financial management systems. By focusing on increasing tax efficiency and reducing inflation, Ampem aims to foster a more accountable and transparent fiscal environment in Ghana.
Original Source: www.ghanabusinessnews.com
