The importance of tariff and tax increases to Ghana’s bailout has been stressed by the International Monetary Fund (IMF).
Dr. Leandro Medina, IMF Resident Representative in Ghana, claims that tight income generation compliance comes with the $3 billion bailout.
In an interview with Citi TV in Accra, he said that they were essential elements of the nation’s US$ 3 billion, three-year Extended Credit Facility with the IMF.
Prior actions include the revenue-related laws that were enacted between December and April. It’s crucial to mobilize funding. Ghana’s revenue to GDP ratio is quite low when compared to other nations. Ghana is working really hard to boost revenue, and one of the key ways it will do this is through broadening the tax base. What needs to be made clear is that this budget restructuring is significant and front-loaded, he said.
In a recent interview, the minister of finance, Ken Ofori-Atta, stated that Ghanaians could anticipate new economic prospects following the bailout.
He claims that the administration is open to new initiatives and that the nation is unquestionably moving toward both economic recovery and resuscitation.
“Indeed, I think we have to move ahead, and as the good book says, we should forget the former things, we should not dwell on the past and see that new things are being done, and we are ready for that”.
Speaking at a recent press briefing organised by the International Monetary Fund, Mr Ofori-Atta, said the government will support the Fund to achieve the intended objectives of the Fund-support programme, “and the collective effort of the Ghanaian people will work through our current challenges and emerge stronger than before”.
He furthered that “greater things are ahead. We know Ghana can achieve it. We’ve been through this before, and we are ready to ensure that we set a pace that others can also follow”.
“In fact, I believe that we must advance, and as the good book advises, we should forget the past, we should not obsess over the past, and we should see that new things are being done, and we are ready for that.”
At a recent press conference hosted by the IMF, Mr. Ofori-Atta stated that the government will assist the Fund in achieving the program’s intended goals and that “the collective effort of the Ghanaian people will work through our current challenges and emerge stronger than before.”
“Greater things are ahead,” he added. We are confident Ghana will succeed. We’ve been through this before, and we’re prepared to make sure we’re leading the way for others to follow.
