{"id":252747,"date":"2016-09-28T06:05:00","date_gmt":"2016-09-28T06:05:00","guid":{"rendered":"http:\/\/citifmonline.com\/?p=252747"},"modified":"2016-09-28T06:05:00","modified_gmt":"2016-09-28T06:05:00","slug":"ghana-risks-entering-into-recession-if-economist-warns","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/09\/ghana-risks-entering-into-recession-if-economist-warns\/","title":{"rendered":"Ghana risks entering into recession if&#8230;- Economist warns"},"content":{"rendered":"<p>Ghana\u2019s economy faces a recession if steps are not taken to diversify its productive sectors, the Head of the Economics Department at the University Of Ghana, Professor Peter Quartey has warned.<\/p>\n<p>His caution\u00a0came on the back of the latest report of the Institute of Statistical, Social and Economic Research (ISSER) which indicated that the country\u2019s GDP growth declined in 2015, continuing a trend of dwindling economic growth since 2011.<\/p>\n<p>In an interview with <strong>Citi News<\/strong>\u2019 Duke Mensah Opoku, Prof Quartey explained that, \u201cthere is the need for us to diversify our economy in the sense that non-oil GDP has grown higher than oil GDP. What it is telling us is that, given the slowdown in oil prices, over reliance on oil should be reconsidered.\u201d<\/p>\n<p>\u201cWe need to diversify our economy so we don\u2019t enter into economic recession like Nigeria is currently facing,\u201d he added.<\/p>\n<p>Speaking to some of the factors that may have influenced the drop in GDP, Prof Quartey noted that, government has not encouraged private sector development, the utility tariffs have been hiked, the rise in taxes and interest rates \u201cand this is not encouraging direct production and that is not encouraging the growth and employment prospects of our country.\u201d<\/p>\n<p>He thus suggested government\u00a0\u201ctakes a critical look at some of the taxes we are imposing,\u201d because some taxes imposed may not yield enough revenue and\u00a0&#8220;we need to review the tax system and see which ones are helping and which ones are not helping.\u201d<\/p>\n<p>As an example, Prof Quartey said, \u201cthe import duties we pay and different components, indicating that there has been a slowdown in the volume of trade in imports. Perhaps we need to look at the various taxes in our imports.\u201d<\/p>\n<p><strong>Moody\u2019s positive rating of Ghana a reflection of economy- Terkper<\/strong><\/p>\n<p>The caution comes after Moody&#8217;s\u00a0recent revision of Ghana\u2019s Long Term Bond<span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/citifmonline.com\/2016\/09\/27\/moodys-positive-rating-of-ghana-a-reflection-of-economy-terkper\/\"> Ratings from negative to stable <\/a><\/strong><\/span>by international Credit Ratings Agency, Moody\u2019s \u00a0will influence Ghana\u2019s economic outlook.<\/p>\n<p>Moody\u2019s, in its recent economic report of Ghana defined the economic outlook as positive, affirming the rating at B3.<\/p>\n<p>The report cited significant fiscal deficit reduction and success in implementing structural reforms over the past year, as well as reduction in government liquidity risk on the external side.<\/p>\n<p>&#8211;<\/p>\n<p>By: Delali Adogla-Bessa\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ghana\u2019s economy faces a recession if steps are not taken to diversify its productive sectors, the Head of the Economics Department at the University Of Ghana, Professor Peter Quartey has warned. His caution\u00a0came on the back of the latest report of the Institute of Statistical, Social and Economic Research (ISSER) which indicated that the country\u2019s [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":252750,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,10,11],"tags":[3,12104],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ghana risks entering into recession if...- Economist warns - Citi 97.3 FM - Relevant Radio. Always<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/citifmonline.com\/2016\/09\/ghana-risks-entering-into-recession-if-economist-warns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana risks entering into recession if...- Economist warns - Citi 97.3 FM - Relevant Radio. Always\" \/>\n<meta property=\"og:description\" content=\"Ghana\u2019s economy faces a recession if steps are not taken to diversify its productive sectors, the Head of the Economics Department at the University Of Ghana, Professor Peter Quartey has warned. 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