• Mon. Aug 8th, 2022

We’re not going back to the IMF – Ofori-Atta

Ghana’s Finance Minister, Ken Ofori Atta, has stated that the country will not seek assistance from the International Monetary Fund (IMF) to address the country’s economic problems.

He said a return to the Bretton Woods institution would have severe effects when he spoke at the 3rd Townhall meeting on the E-levy on Thursday, February 10 at the Radache Hotel in Tamale, Northern Region.

He also stated that Ghana was capable of increasing domestic revenue for development.

Instead of relying on the projected E-levy for revenue, the government has been urged to return to the IMF for assistance.

For example, Dr Mark Assibey-Yeboah, a former Member of Parliament for New Juabeng South, believes that a return would help Ghana’s ailing economy.

“Without a question, I believe we should call Washington if we haven’t already done so.” We will not request funds only on the basis of whether or not the E-levy has been passed. The e-levy will only bring in GH5 billion. We are in a deep hole in terms of tax collection and are having financial troubles, therefore going to the Fund will help us.

“Therefore, there is no harm in going to the Fund.” Ghana is a member of the IMF, so what’s wrong with appealing to the IMF for help when we’re in trouble and pooling resources? If I were the finance minister, I would persuade the President that it is past time for us to return,” he told Citi.

Mark Assibey Yeboah further stated that the E-levy revenue will be used to provide the economic stability that the government seeks.

He also questioned the government’s ability to meet the planned GH6.9 billion target, claiming that the government can only raise GH5 billion from the disputed e-levy.

“The GH6.9 billion goal will not be met. Because there are so many exclusions, I believe the most amount we can obtain from the E-levy is GH5 billion, which is less than a billion dollars, thus I do not believe the E-levy would be a revenue panacea. Going to the IMF would provide some stability, and more importantly, we will receive $3 billion.”

Johnson Asiedu Nketia, the General Secretary of the National Democratic Congress (NDC), made a similar plea to the administration.

“I think it is something that they have to consider,” President Nana Addo Dankwa Akufo-Addo said on the New Day show on TV3 on Monday, February 7, when asked if he should travel to the IMF. If it’s the only thing that can get us out of this mess, the sooner the better.”

Mr Ofori-Atta, who had previously declared that the government would not return to the IMF, said, “I can tell you, as my colleague deputy said, we are not going back to the IMF, whatever we do.” The repercussions are serious; we are a proud nation with the resources and capacity to do so; don’t let anyone persuade you otherwise… “We are not a short-sighted people; we must move on,” Mr Ofori-Atta stated.

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