Nana Akomea, the Chief Executive Officer of STC, has slammed proposals for Ghana to return to the International Monetary Fund (IMF) for help in overcoming the current economic crisis.
Following the controversy surrounding the government’s E-Levy Bill, some critics have urged that the country should seek a loan from the International Monetary Fund (IMF) to help improve the economy.
Financial support from the IMF, on the other hand, is always subject to conditions.
Nana Akomea said the IMF was not a better choice for tackling Ghana’s economic difficulties..
He highlighted a number of recommendations made by the IMF before granting loans, claiming that they would force the government to expand the tax net for Ghanaians and set additional restrictions that would exacerbate the country’s problems.
“…that’s what they’ll tell you,” they’ll say. And they’ll tell you that the money you’re collecting must be handled with transparency and accountability. That is something they will tell you. So, why go to the IMF if we already know all of this? Even with the money from the IMF, the $1 billion and so on, it isn’t free. Ghanaians are the ones who would be forced to pay,” he explained.
Nana Akomea placed his weight behind the administration to fight for the e-levy to be implemented, despite his opposition to the idea of going to the IMF.
However, he recommended that the e-levy deduction percentage be reduced drastically to encourage Ghanaians to pay this electronic transaction tax.
He stated, “We must make sacrifices and share the economic load.”
Nana Akomea also recommended the government to be open and accountable to the citizens in order to increase citizens’ desire to pay their fair share to Ghana’s growth.
He went on to say that the government should put in place suitable processes to streamline the economy, saying, “Let’s go beyond trust and look at mechanisms [to assure] because you cannot trust any government in the world.” As I speak with you today, people accuse the government of not adequately accounting for the funds spent everywhere they travel, whether in the United Kingdom or the United States.”