A senior lecturer at the University of Ghana Business School, Professor Lord Mensah, has asked government to convert teacher, nursing trainee allowances to loans as a way to cutting down government expenses.
This comment by the economic expert comes after President Akufo-Addo announced that Ken Ofori-Atta, will address the nation on Thursday, March 24, on measures instituted by government to resolve the current economic challenges in the country.
He made this revelation, during an interaction with members of the Council of State at the Jubilee House on Tuesday.
The Finance Minister’s address will highlight the outcome of deliberations that took place during cabinet’s weekend retreat.
“Our retreat which you referred to is in some way quite timely, because as a general rule, we have retreats each year on a quarterly basis, and this is the first one for this year. Fortunately for us, it coincided with these difficulties, and the public anxiety about the way that the economy was going. It gave us therefore the opportunity of the three days to look in-depth at where the economy was headed, and what measures were necessary to be taken.”
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“Some parts have apparently gone before the country, but the decision was that the Minister for Finance, on my instructions, is going to have a major engagement with the nation on Thursday, where he is going to be in a position to lay out specifically, the measures we’ve taken and we intend to take, to correct, as it were, put the ship of state, steep on a better keel”, President Akufo-Addo stated.
Speaking to host of Atinka FM’s AM Drive Kaakyire Ofori Ayim, a Senior Lecturer at the University of Ghana Business School, Professor Lord Mensah mentioned that if the allowances meant for the teacher and nursing trainees are given out as loans, the students will work and pay back.
He added that in economics “free monies” are supposed to be recouped and in the case of the trainee allowances government is not recouping the monies spent on the students.
“In the interim, government can convert teacher, nursing trainee allowances to loans as a way of cutting down government expenses. When the monies are given as loans, the students will repay after school which will generate revenue for government,” Professor Lord Mensah told Kaakyire Ofori Ayim.
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