Source: newsthemegh.com
Kojo Oppong Nkrumah, the minister of information, has asked fellow members of the minority caucus to put politics aside and support the government’s taxation policies.
In a press conference on Tuesday, the Minister of Information pleaded with the minority in parliament to assist in passing the unfinished revenue bills in order to advance Ghana’s $3 billion program to the Executive Board of the International Monetary Fund (IMF) for approval so that the country could ease its current economic difficulties.
The Income Tax (Amendment) Bill, Excise Duty and Excise Tax Stamp (Amendment) Bills, as well as the Growth and Sustainability Levy Bill, are the three bills that are currently before Parliament.
“To our colleagues in the Minority, I believe it is obvious that we must cooperate to accomplish a particular goal for the nation.
“Sometimes we are whipped up but let’s look at the country’s interest at this point in time.”
“The world is ready to help us, China, the Paris Club and external creditors are all with us in a good place now and are looking at us to see if we can help ourselves. My appeal to those in government, Minority, economic groups is that, we must ensure that these revenue bills are passed to close this GH¢4 billion gap”, he added.
The Bank of Ghana has already stated that these fiscal measures will significantly lower debt payment costs and help to free up fiscal space.
Because both the domestic and foreign bond markets are closed, the government must rely on Treasury Bills and low-interest loans as its main sources of funding for the 2023 fiscal year.
This is especially important since the BoG and the Ministry of Finance have finalized a Memorandum of Understanding (MoU) on zero financing to the budget, which will be signed soon, as part of the previous actions under the IMF Staff Level Agreement.
Mr. Oppong Nkrumah emphasized that in light of the promises made by foreign creditors, parliament should act in good faith by passing the revenue legislation in the best interests of the nation.
He emphasized the point that if the legislation aren’t passed, all the efforts to save the economy will be held prisoner, which could stall the forward momentum.
The Minister of Information is optimistic that the bills’ passage, along with all the other prior actions stipulated in the staff level agreement to secure the bailout, will be crucial in putting the economy back on the road to recovery, including firmly placing it on a disinflation path and sustaining growth.