The Director of the Institute of Statistical Social and Economic Research (ISSER), Professor Peter Quartey is calling for a broader stakeholder engagement on the newly launched Domestic Debt Exchange Programme in order to restore stability in the financial landscape.
According to him, if government fails to engage more, there are going to be capital flights.
Speaking at the 2023 post budget forum organized by his outfit, Professor Quartey said a national consensus is key to the sustainability of the newly launched domestic debt exchange programme.
He warned that if broader engagement is not held, there are going to more capital flights.
“The onus lies on government to initiate that national consensus. It has to deepen its consultations with key stakeholders to communicate clearly what this debt exchange programme and weigh the strengths and weaknesses are”.
He added that it will take a long while to regain confidence at the level of 2019 even within and after an IMF Programme.
“It will take a long while for us to be back to pre-2019. So, we are not in normal times but I also have to quickly add that it’s inevitable and we have to embrace it carefully”.
On the bit about the 2023 budget, Professor Quartey called on government to review its flagship programmes and realign expenditure.
“If you look at expenditure for 2023, education is taking ¢18 billion then agric is taking ¢2.15 billion, trade and industry ¢587 million. Why the huge disparity in spending? Why are we putting so much into education and not putting so much in the productive sectors of the economy”?
Meanwhile, the institute believes the 2023 Budget will restore macro-stability under an IMF programme.