#ANY CONTRARY FACTS? Explaining the issues on Joy FMs Super Morning Show, Friday, Mr. Terkper said, the current situation was partly the result of the withholding of about $1 billion in grants by development partners since 2012, when the country attained lower middle income status. The Minister also stated that the country lost almost $400 million in corporate royalty from the mining sector in 2013 due to the fall in gold prices, coupled with the energy crisis that plagued the country in the greater part of last year and the early part of this year. The impression that government has not been explaining the situation of the economy or we have been sitting on our oars, is unfortunate...It is not that nothing is being done about the situation but some of the situations are endemic and we have a multiyear approach to solving them, he explained. He maintained however, that the situation is not all dire as government contiues to engage development partners for advise in support of governments own policies aimed at stabilising the economy. We are introducing what we call home grown policy...but that does not mean that we are not engaging the IMF for advice, Mr. Terkper said. Touching on attempts to widen the tax net by introducing new taxes while some existing ones have been increased, the Minister stressed: It is not the intention of government to increase taxes and impose difficulties on people. Interest rates have gone up substantially because, we [government] are borrowing in a period of difficulties, he acknowledged. He pointed out that the loans have been spent largely on construction projects but not on consumables as some seem to suggest.
Posted on: Fri, 11 Jul 2014 14:14:16 +0000
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