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According to the expert, the government of Ghana can only get the green light for the IMF support if it puts in efforts to revive and revamp the economy, rather than the introduction and passage of new taxes.
He stated that these are the underlying factors that will ensure the government of Ghana will get approval for the IMF deal.
“We have not put forth a hundred percent all, what the IMF is asking for on what we need to do to have an IMF deal. You know the discussion around the debt exchange was very topical. We are taught after signing that then we are on course. It happened that after that we realized that there is something more that needs to be done and so that is where we are in terms of the taxes.
“We are told that once these taxes are passed then we will be able to secure an IMF deal. The IMF to the best of my understanding is not necessarily asking for a tax bill to be passed but the government demonstrates plans of how it is going to recover from the state in which we are. In terms of sustainable economic growth and how we are going to do that and macroeconomic stability and how we are going to do that. So the government is of the view that some of these taxes that have been introduced should be one of the considerations for the IMF to see that we have made an effort to rake in more revenue as far as Ghana is concerned to meet their requirement as a condition,” Mr. Ankomah said in an interview with Starr FM.
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His comment comes on the back of Parliament’s March 31, 2023 passage of three new taxes which is to generate approximately GH¢4 billion per year to supplement domestic revenue.
The taxes are Income Tax Amendment Bill, Excise Duty Amendment Bill, and Growth and Sustainability Amendment Bill.