Former Finance Minister, Seth Terkper has advised the government to always find ways and means of paying off debts after borrowing.
Speaking at a media dialogue themed ‘Ghana’s IMF programme’ organized by PFMTAX AFRICA NETWORK, he noted that Ghana is on a slippery path as a country if we continue to use the primary balance as a means to determine our deficit.
According to him, one of the main reasons why the country keeps facing financial crisis and keeps borrowing is because Ghana does not pay back her debts.
“If you borrow, find a way to pay. It is very important that we do this. We also have to set up a debt management fund if we really want to stop borrowing and also take arrears seriously as a nation” he emphasized.
He added that if we really want to stop borrowing or even pay off debts immediately as a country, we need to cut down on our expenditure.
“Also, bringing taxes like e-levy into the system to help us pay our debts is not wrong but the structure is what you should look at. We need to come to a point that in moving forward in our country we have to be transparent” he stated.
The media dialogue centered on Ghana’s fiscal situation and the country’s IMF programme.
