Kwame Baffoe, popularly known as Abronye DC, Bono Regional Chairman of the New Patriotic Party, has approved the e-levy, arguing that it is a better alternative to receiving financial aid from the International Monetary Fund.
He pointed out that seeking a bailout from the International Monetary Fund has far more negative consequences for the country than the e-downsides. levy’s
“We have a lot of money in our country; which do we prefer as a nation: producing our own interest-free revenue as a state or taking out high-interest loans?” He presented the question to those who were against the electronic transaction cost.
“Ghana’s Central Bank advised in 2015 that, given the volume of mobile money transactions, it would be better to tax electronic transactions to create income rather than seek loans from the IMF,” Abronye DC remarked on Angel FM’s Anopa Bofo Morning Show.
“The interest that every Ghanaian will pay will be significantly greater than the e-levy,” he went on to say.
Watch what happens if the country takes on a 3 million dollar debt or a 1.5 million dollar loan…
You and I are still paying interest on that 1.5 billion dollar loan that we went to the Chinese Development Bank for in 2009 under Mills and couldn’t even obtain all of…”
Aside from the hefty interest rates that the country would have to pay, the NPP spokeswoman claimed that IMF loans come with tight terms that are harmful to the beneficiary country’s growth and development.
Uganda and Cote d’Ivoire are two African countries that have garnered major benefits from the implementation of the e-levy, and Ghana will benefit in the same way.
Mr. Baffoe continued, “Those who oppose the e-transaction tax have no right to demand good hospitals, roads, or social services.”
“If we agree that the country is 60 years old, we must also agree that we must stop borrowing as a people,” he remarked.