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    DDEP: Government hopeful bondholders will register for programme

    5 important things to know about the African Continental Free Trade Area agreement

    DDEP: Non-participation will prolong efforts to revive economy – Ofori-Atta

    We need IMF bailout in March or economy will crash – Ofori-Atta to pensioners

    Idris Elba adds Ghana to the list of African countries he wants to partner with

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Pensioners to picket at Finance Ministry over DDE

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    Nigeria ranks number one globally for cryptocurrency usage and ownership

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

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    Ghana withdraws $672m back-tax demand from MTN Group

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    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

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Seth Terkper advises against e-levy; urges government to run to IMF

byEllen Dapaah
February 3, 2022
in Africa, Economy, Local Economy, Top Stories
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A former Finance Minister, Seth Terkper, is asking the government to heed to calls by stakeholders to return to the International Monetary Fund (IMF) to finance the country’s deficit instead of taxing Ghanaians through the electronic transfer levy.

Mr. Terkper who has already registered his opposition to the idea of the e-levy, believes the government cannot rake in the needed amount through the levy to help close the country’s budget deficit.

Seth Terkper’s remarks come after calls from different stakeholders including lawmakers who are against the e-levy, for the government to run to the International Monetary Fund (IMF) for financial support and policy credibility.

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The former Finance Minister believes the country’s problems of being locked out of the international capital market, among others, will compound in the coming years if government remains adamant and does not take decisive action immediately.

He spoke to Citi TV’s Bernard Avle.

Mr. Terkper noted that the government must consider its expenditure and make some cuts to help the situation.

“Our issue is expenditure. Are we able to finance the programs which we have on the table? Even in the medium-term budget, from 2023 to 2025, you will see E-levy running through it. Even if it has been factored and that is what we are presenting as home-grown, are we not going to borrow? All your revenue from now through that period, if you don’t do any major restructuring, it is only going to pay compensation and interests,” the former minister said.

Meanwhile, the government has reaffirmed its decision to not return to the IMF for support.

According to a deputy Finance Minister, Abena Osei Asare, the e-levy is a better alternative to a potential return to the IMF.

“Globally, there are issues everywhere and all countries are trying very hard to find space within themselves to develop and then you have [a method you can use] to raise more revenue, and you say you are shelving that and running to IMF?”.

“What happened to homegrown solutions? What happened to the spirit of yes, we can do it ourselves… Let us come together, support this government to push this e-levy, and we will see the results of the E-Levy,” Mrs Asare said.

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