We need to pass the 3 new tax bills because Ghana is not in a good place – Oppong Nkrumah

He said the country is currently under severe economic pressure and delay in passing the bills in order to secure a bailout from the International Monetary Fund (IMF) will lead to something dire.

Speaking on Accra based Citi TV, the lawmaker said things will become extremely hard if he government’s efforts to close the domestic revenue gap continue to stall.

“We are not in a good place because we don’t have access to the international capital market. Having hard currency to service our import obligations is significantly being threatened.”

“It is important we complete all prior actions, lock up this deal and get a shore up best from the IMF and other inflow sources and do certain broad things to ensure that the economy doesn’t crash and expand investments that will bring economic inclusion. We need to do what must be done to ensure that we cement the kind of relative stability we have had in the last four to five months and gradually begin to reverse the economic challenges we have had.”

Kojo Oppong Inkrumah Pulse Ghana

The Minister has already appealed to the Minority in Parliament and other relevant stakeholders to support the passage of the revenue bills.

“To our colleagues in the Minority, I think it is clear that we need to work together to achieve a certain objective for the country. My appeal to those in government, Minority, economic groups is that, we must ensure that these revenue bills are passed”, he urged.

The bills, which include the Income Tax Amendment Bill, Excise Duty Amendment Bill, and Growth and Sustainability Amendment Bill, are expected to generate approximately GH¢4 billion per year to supplement domestic revenue.