Director of the Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana, Professor Peter Quartey has said he expected the government to raise more revenue in the mid-year budget statement in order to meet its revenue target for the year.
However, the government did not do so.
Prof Quartey explained on the Business Focus programme with Alfred Ocansey on TV3 Monday August 2 that the government witnessed revenue shortfall in the first half of the year owing to the pandemic hence, the expectation was that moneys were going to be raised.
He also said he did not come for more taxes. Rather, he came to update the House and the country on the performance of the economy during the first half of the year.
He further stated that the Akufo-Addo administration took bold and decisive measures to deal with the negative impact of the covid on the economy.
Reacting to this, Prof Quartey said “There is a revenue shortfall and one will expect that we raise revenue at this time so we don’t have to borrow but unfortunately we have missed the target. But one can be assure that that normally revenue trickles in.
“In the last part of the year we received more tax revenue so I am hopeful even if we miss the target at all we might not be too far from the target.
“Already some economic actives have been banned. we cannot have some outdoor activities and all of these have some repercussions on demands, have repercussions on our output and incomes.
“ if we were in normal times one would expect that we rake in as much revenue in the second half of the year than in the first half but one aspect of the ked year review that is encouraging is the transparency that we have seen from government because prior to the mdi year review .
“I was agitating and a couple of were asking that government tells us how well have we perfumed and how well are raising the needed revenue and you see in the mdi year review some figures on the new levies, financial sector levy , covid 19 levy, sanitation levy.”