According to Gabby Otchere Darko, a prominent member of the New Patriotic Party (NPP), the e-levy will only generate 10% of the projected income after going into effect on May 1st, 2022.
The previous Executive Director of the Danquah Institute bemoaned Ghana's poor earnings in comparison to the rest of the globe and the country's dangerously high debt levels.
What solutions are available to the government? he asked in a series of tweets on Monday, June 27. What alternative, if chosen, can restore investor confidence in our economy, should be the real question. Will it assist even if we manage to raise the $3–5 billion needed? E-levy has only provided us with less than 60m of the 600m that it was supposed to.
"Our economy is expanding more quickly than that of the majority of other nations. However, since our faith in our capacity to pay off our obligations is dwindling, that won't be enough to save us. We must stop using all of the few funds collected to settle our debts. We could soon need to borrow money to pay the bills!
"Ghana has adequate food from its fields, therefore there is no food crisis. However, food costs have increased three to four times faster in our cities than the cost of living overall. To make matters worse, when prices rises as a result of supply chain problems, there is an increase in global food insecurity.
"After 5 months of inaction and criticism, the e-levy is only generating 10% of the projected income after deployment; our revenues continue to be relatively low in comparison to the industry." The cedi is suffering against the US dollar, like other currencies, due to its dangerously high debt levels.
Mr. Otchere Darko stated that, in theory, he is not opposed to the IMF programme in response to requests for Ghana to rejoin the International Monetary Fund (IMF).
He clarified that he opposes an IMF scheme that provides the nation with little but sets restrictions that would ultimately harm the poor, employment, and companies more.
On Monday, June 27, he stated in a series of tweets, "Am I against an IMF programme in principle? No”
"I oppose an IMF programme that offers us pitiful sums of money while imposing requirements that would ultimately harm the poor, employment opportunities, and companies more. The Covid-19 and the Ukraine War are more to our demise than to that of Africa. Programs that claim to be entirely our own work are bound to fail.
"We take action that will boost our ability to weather this powerful storm, and that action ought to take place quite soon. Do you object to an IMF programme?
blogpay
Total Comments: 0