Four financial laws put up by the government to raise around 4 billion Ghana Cedis yearly to increase domestic revenue mobilisation have been passed by parliament.
Additionally necessary for facilitating the Board Approval for the $3 billion International Monetary Fund (IMF) Programme staff-level agreement are the bills, which also include the Excise Duty Amendment Bill 2022, the Growth and Sustainability Levy Bill 2022, the Ghana Revenue Authority Bill 2022, and the Income Tax Amendment Bill 2022.
The actions are a part of the government's efforts to fulfil IMF requirements in order to be eligible for a bailout. They were approved by a vote of 136 to 137.
The Public Utilities Regulatory Commission's tariff adjustments have been finished, the Auditor-Report General's on COVID-19 expenditure has been released, and the Ghana Education Commission has been brought on board.
the Road Fund and Common Fund for District Assemblies on Ghana's integrated financial management information system.
The Cape Coast South legislator George Ricketts-Hagan said the laws send a firm message to the government that it cannot be irresponsible with its spending and expect Ghanaians to shoulder the cost. The opposition Minority in Parliament had expressed its unhappiness with the proposals.
Treasury Bills and concessional loans will be the main sources of funding for the fiscal year 2023 as both the domestic and foreign bond markets are currently unavailable for government programme financing.
The administration defended the imposition of taxes as a crucial step in the present economic crises' rehabilitation.
In order for the International Monetary Fund to approve a $3 billion bailout, the new taxes must raise an additional 3.96 billion cedis ($340 million) in income this year. They also must fulfil a crucial criteria.
After receiving the requisite financial assurances from bilateral creditors, Ghana, which had hoped to get approval for the IMF bailout package this month, is now aiming for an agreement by the end of April, Central Bank Governor Ernest Addison said earlier this week. After a unilateral suspension of payments on $13 billion in eurobonds, the nation is also in discussions with private creditors.
blogpay
Total Comments: 0