Dr. Mark Assibey Yeboah, a stalwart of the ruling New Patriotic Party (NPP) who is a former Member of Parliament for New Juaben South and a Former Chairman of Parliament’s Finance Committee has urged government to go to the International Monetary Fund (IMF) for financial support.
According to him, considering the current economic challenges facing the country, government’s insistence on passing the Electronic-Transaction Levy to shore up its revenue target is not the right thing to do.
“Without a doubt, I think we should be placing a call to Washington if we haven’t really done that. We are just not going to ask for the funds just because E-levy has been passed or not. E-levy will just bring about GHS 5 million. We are in a deep hole of our tax revenue and facing difficulties, so going to the Fund will give us some support,” he stated.
He believes that in a time like this when the Ghanaian economy is in crisis, going back to the IMF for financial support must not be seen as a weakness or failure but rather an avenue to salvage the nation’s receding economy.
“So there is nothing wrong with going to the Fund. Ghana is a member of the IMF so what is wrong going to ask for support when we are in difficulties to go and pool resources. If I was the finance minister, I will be convincing the President that it is about time we went back,” he stressed.
According to him, “the GHS 6.9 billion target cannot be realized. There are a lot of exemptions so, in my estimation, the maximum amount we can get from the E-levy is GHS 5 million, and that is less than a billion dollars, so I do not think that the E-levy is going to be a panacea to our revenues. Going to the IMF will ensure some stability and above all, we are going to get some GHS 3 billion.”