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Economy Ghana's economic turnaround is 'real' - Seth Terkper

“The turnaround in the economy is real. We have paid the single spine arrears, cleared subsidies and the prospects are improving,” he said.

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Finance Minister, Seth Terkper has insisted that the much touted improvement in the nation’s economy is “real.”

In a series of tweets on Saturday, Mr. Terkper stated that government has been able to pay salary arrears under the Single Spine Salary Structure (SSSS) and also, it has cleared all subsidies.

“The turnaround in the economy is real. We have paid the single spine arrears, cleared subsidies and the prospects are improving,” he said.

Ghana has been facing some economic challenges over the last few years which eventually pushed the government to seek an intervention from the International Monetary Fund (IMF).

The IMF put Ghana under the three-year programme to help restore debt sustainability and macroeconomic stability to foster a return to high growth and job creation, while protecting social spending.

Ghana is presently in its second year under the bailout programme and the IMF has given positive reviews so far.

Although government has persistently assured Ghanaians of the country’s economic improvements, the introduction of new taxes and the increment in tariffs have increased cost of living.

The opposition parties and some economists have consistently accused the Mahama-government of running down the economy but in his tweets, Mr. Terkper maintained that “we are seeing the recovery... We are seeing major investments.”

He however, complained about the existing property tax system in the country.

“I was an assembly man for 8 yrs. Our property tax system has become weak, especially areas with commercial properties. We need to fix that,” he said.

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