Due to Ghana’s failure to satisfy some of the requirements before the end of the month, the country’s efforts to obtain an IMF balance of payment support may be delayed.
Ghana will receive the IMF programme by the end of March, according to promises made by President Akufo-Addo and Finance Minister Ken Ofori-Atta.
At a press conference, the governor of the Bank of Ghana, Dr. Ernest Addison, stated that for Ghana to be considered for assistance from the IMF Executive Board, a number of tax laws must be passed by Parliament by the end of April.
“The official creditors met last week; they are considering a date in April by which they anticipate providing the required financial assurances. And once that’s done, this Memorandum of Understanding (MoU) has been signed, and the new revenue measures have been approved by Parliament, we will have finished what is known as the trial action.
“This is what is needed for the fund to select a date for the executive board meeting,” Dr. Addision continued. So perhaps, if everything goes according to schedule, that executive board meeting will happen by the end of April.
He encouraged Parliament to enact the three new taxes on a priority basis.
The bills are the Income Tax (Amendment) Bill, Excise Duty and Excise Tax Stamp (Amendment) Bill as well as the Growth and Sustainability Levy Bill.
The Minister of Information, Kojo Oppong Nkrumah, earlier also appealed to the Minority in Parliament to support the passage of the revenue bills currently before the house in order to help the government secure the $3 billion from the International Monetary Fund (IMF).
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.
The United States government has promised to intervene on Ghana’s behalf with the Paris Club as the country seeks debt forgiveness as part of the International Monetary Fund’s balance of payment support.
The US Vice President, Kamala Harris, announced this at a joint Press Conference with President Akufo-Addo.
According to Mrs Harris, the US will help Ghana with all the support it needs to ensure that it scales through its current economic crisis.
Ghana, which is struggling with its worst economic crisis in a generation, secured a staff-level agreement with the International Monetary Fund (IMF) in December for a $3 billion loan, though asking lenders to provide financing assurances is a condition for the IMF’s board to sign off the programme.
