FLASHBACK: No return to theIMF, we are on the right track - Ofori-Atta
On May 12, 2022, the Minister of Finance, Ken Ofori-Atta, said that Ghana's economy is on track and therefore there is no need for the government to turn to the International Monetary Fund (IMF) for financial assistance.
He pointed out that thegovernment has put in some policy interventions to ensure that the economic benefits aresufficient for the country'seconomy. Read the full articlepublished on May 12, 2022 by www.ghanaweb.com. The government imposes a1.5% tax on all electronic transactions We have shown financial discipline, the Finance Minister boasted
Help us find another way to payour debt, Ofori-Atta to Ghanaians
Finance Minister Ken Ofori-Atta reiterated the government's announcementto use the International Monetary Fund (IMF) for financial assistance. Accordingto him, the government has promised that they will not return to the IMF as involved inpolicies to ensure that macroeconomic benefits aresufficient for the country'seconomy to get back on track.
Ken Ofori-Atta said the IMF knows that Ghana's economy is moving in the right direction. However, he called on Ghanaians to help thegovernment find other ways to meet the country's growing debt needs.
Speaking at a press conference in Accra on Thursday, May 12, 2022, Ken Ofori-Atta said, We are members of the fund; there are two main contributions we have from the fund. One being the guidance that we get because of the fantasticexpertise that the fund has and then these programs that bring us resources.... I think, if you see the budget that we have builtfor 2022 and the next level. that we did, in a clear way, the issue of Ghana has the right to reflect on the exercise of cooperation will be. Also be warned aboutthe 20% etc. which we have shown clearly.
We have made a commitment not to go back to the fund because in terms of commitment and policy, we are there, the fund knows we are onthe right track. The challenge is to support the programs that we have put in place and then, in my opinion, to support us in finding other ways to get money or to recover our debt, to renew it," the Minister of Finance added. The government has implemented local solutions including the introduction of E-Levy to prevent the economy from collapsing. E-Levy imposes a 1.5% fee on all electronic transfers above GH100. Tax policy is the government's plan to expand the country'stax net. Currently, the billing companies for E-Levy are telecommunication companies, commercial banks, special deposit companies.
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