Finance Minister, Ken Ofori-Atta
Ghana to formally engage IMF on financial bailout
E-Levy not generating the projected revenue – Government
Finance Minister to table request for approval of supplementary estimates
The Majority Leader in parliament, Osei-Kyei-Mensah-Bonsu, has said the Finance Minister, Ken Ofori-Atta will deliver the mid-year budget review of government on July 13,
Read full article2022.
According to him, the presentation is likely to see the Finance Minister table a request before House for the approval of supplementary estimates.
Ahead of the presentation, President Nana Addo Dankwa Akufo-Addo on July 1 authorized the finance minister [Ken Ofori-Atta] to commence formal engagements with the International Monetary Fund for a financial bailout.
Despite an initial stance against returning the Bretton Woods Institution, Ghana is on its way back as the country is faced with huge economic challenges which have resulted in hardships and tight fiscal conditions.
Government in May this year, introduced the Electronic Transfer Levy which sought to generate revenue for the country.
But the tax measure, only two months into its implementation, is currently not yielding the projected revenue. Government has so far raked in only 10 percent of the estimated revenue.
Meanwhile, stakeholders are calling for the withdrawal of the E-Levy.
MA/FNOQ
