E-Levy: Ghana will not be seeking financial bailout from IMF – Ken Ofori-Atta

Ghana current public debt hits GH¢344.5 billion as of November 2021

E-Levy to shore up domestic revenue – Finance Minister

Parliament at an impasse over E-Levy

Finance Minister, Ken Ofori-Atta has maintained Ghana will not be seeking financial bailout from the International Monetary Fund.

According to him, despite the country facing

Read full articlesome economic challenges, government believes and is keen on implementing home-grown policies to stabilize the economy.

Speaking at the third edition of a series townhall meetings on the Electronic Transaction Levy in the Northern Region on February 10, Ken Ofori-Atta said calls for a return to the IMF will lead to dire consequences.

“I can say; we are not going to the IMF. Whatever we do, we are not. Consequences are dire, we are a proud nation, we have the resources, we have the capacity. We are not people of short-sight, but we have to move on. So, let’s think of who we are as strong proud people, the shining star of Africa, and we have the capacity to do whatever we want to do if we speak one language and ensure that we share the burden in the issues ahead,” Ken Ofori-Atta said.

To address the current economic challenges in the country, the finance minister reiterated that passage of the E-Levy Bill which seeks to generate revenue domestically is the most prudent measure.

The E-Levy since its introduction has courted controversy and condemnation by lawmakers and a cross-section of the public. The levy when approved seeks to impose a 1.75 percent charge on all electronic transactions covering mobile money payments, bank transfers, inward remittances among others.

But despite stiff opposition of the E-Levy, government insists the tax measure is necessary to fill revenue gaps.

Ghana’s current public debt which is GH¢344.5 billion as of November 2021 has since sparked concern among market watchers, international ratings agencies and economists.

Already stakeholders say the increase in the country’s debt stock may force Ghana back to the International Monetary Fund for financial support.