Cal Bank Managing Director Frank Adu Junior has blamed some state institutions for failing to generate adequate revenue for the country.
“Institutions of the state with the mandate to implement and administer government projects and policies in Ghana have gradually become uncommitted, corrupt, inefficient, and passive,” he said.
He was worried that the situation had reached the stage where state institutions would come under intense criticism for not being “independent and often seen as being manipulated by governments”, adding that it “often leads to corruption and other revenue-reducing malpractices”.
Mr Adu, who was speaking at the 38th Management Day celebration of the University of Ghana Business School, indicated: “Projects are hugely overpriced, making it impossible to attract both internal and external investments to fund such [government] projects.”
He was not enthused about mismanagement of institutions that have led to loss of huge revenue for the government and called for a change if Ghana is to attain accelerated economic development.
“Revenue shortfalls arriving from corruption lead to budget deficits which have damaging economic effects, compelling the government to borrow extensively to meet deficits, thereby leaving higher interest obligations for the future and reducing government’s ability to attend to genuine economic concerns and social programmes,” he added.