He said the electronic levy popularly known as E-Levy as an innovative financial measure that would shore up Ghana’s financial profile, and raise the finances demanded the speedy metamorphosis of frugality.
Speaking at the opening of the demoiselle National Labour Conference at Kwahu-Nkwatia in the Eastern Region on Monday, President Akufo-Addo emphasized that it was time the country raised plutocrat domestically to fund its development imperatives and ended its dependence on foreign savings.
“ It’s time we accepted the full counteraccusations of our thing of Ghana Beyond Aid and designed our financial profile consequently. The Asian Barracuda, whom we begrudge and want to emulate, financed their rapid-fire development from their savings. We need to do the same.”
The meeting, organized by the Ministry of Employment and Labour Relations and its Triplex Ingredients, is on the theme,” Strengthening Tripartism for Peaceful Labour Relations and Flexible Frugality.”
It’ll support a triplex discussion on the dynamics and happenings on the labor front, and engender conversations on the State of the Economy, Conditions of Service of Public Sector Workers, Public Sector Hires, Labour Productivity, Labour Disagreement Prevention and Resolution, and Sustainable Pensions for all.
The Conference will inform and shape the Government’s approach for the resolution of labor issues for public development.
It’ll give a unique occasion for the colorful actors to change views and ideas on the thematic areas and arising issues in a changing world of work to promote a positive and visionary approach to resolving labor issues for public advancement.
The President said it wasn’t respectable that only a small proportion of Ghana’s population carried the duty burden, and that it was peremptory on the Government to find innovative ways of bringing everyone on board to contribute their share for rapid-fire public development.
He noted that with the COVID-19 epidemic ruining the husbandry of the world, including that of Ghana, transubstantiating the frugality would bear the active involvement and participation of all, including the large informal frugality.
“ We’ve to make combined sweats as mates to quicken our recovery from COVID-19 by chancing intelligent ways of bringing everyone on board to contribute their share, no matter how small,” he said
.President Akufo-Addo told the gathering that Ghana’s duty to GDP rate of4.2 percent compared unfavorably with peers the world over, and stressed the need to urgently enhance significantly domestic profit mobilization “ to realize our development eventuality and produce openings for our vibrant and dynamic youth and deliver bettered livelihoods for our people.”
Ghana’s duty-to-GDP rate of12.2 percent pales in comparison to the rest of the world.
The average duty-to-GDP rate in West Africa stands at 18 percent, and the normal for OECD countries stands at 34 percent.
“ It is, therefore, no wonder that American, German, French, Japanese, and British peoples, amongst others, can readily find the means to fund their development, particularly their infrastructural development, whereas we’re constantly floundering to do the same.
“ We can not continue to allow lower than ten percent of the population, about2.4 a million people, carry the direct duty burden of30.8 million people … we must give an occasion for every Ghanaian to contribute towards nation- structure,” he stressed.
The President appealed to all Ghanaians, including those sharing at the National Labour Conference “ to ensure that the hidden, submerged or informal frugality is brought within the remit of the formal frugality.”
“ This would be one of the surest ways of expanding the duty base for mobilizing acceptable coffers to sustain development,” he underlines.
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