A financial and investment management consultant Dr. Raziel Obeng-Okon says though the proposed one-district one-factory policy by the incoming government is feasible but wants its implementation to be private sector driven.
He argued there is enough evidence to demonstrate that government-managed projects do not perform due to the widely held view that government is not a profit maximizer.
Against this backdrop, he said it is imperative for the incoming government to engage the private sector to ensure that these factories when established, will be well managed.
Communities where these factories are put up should own these ventures with the backing of experts, he said, adding that would also help curb the politicization of the projects.
Speaking to Onua FM on the tax policies of the incoming government, Dr Obeng – Okon said the move to reduce some of the taxes will serve as an incentive for more people to willingly pay their taxes.
“This obviously will increase revenue to government,” he said, adding there is the need to widen the tax net especially to rope in the informal sector. On the issue of the tenure of the governor of the Bank of Ghana , Dr. Obeng–Okon called for the amendment of the laws governing the operations of the central bank.
The four year term of a governor of the central bank is made sacrosanct, hence a governor cannot be dismissed even by the president unless on stated grounds. Article 183 (4) (d) of the 1992 constitution states that “he shall not be removed from office except on the same grounds and in the same manner as a Justice of the Superior Court of Judicature other than the Chief Justice, may be removed”.
However, he is of the view that it may not be in the best interest of Ghana because a new government’s approach to driving economic policies may differ from that of the governor.
“This can create friction between a new government and the governor,” he noted. He noted that of three components, fiscal, monetary and financial policy, the finance minister manages only the fiscal policy whilst the remaining two are managed by the governor of the Bank of Ghana.
“Finance ministers are changed with the coming of a new government therefore it will be in the right place to replace the governor of the central bank too,” he argued.
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