Upon several back and forth, Ghana is currently running to the International Monetary Fund for policy credibility. The economy of Ghana has been grappling with several hardships in recent times and the government needed a way to generate some income to finance our expenditure. Thereby introducing the Electronic Transaction levy which is commonly known as E – Levy. This levy sparked a lot of controversy as some believed it was going to cripple down the digital economy the country was trying to run or in other terms a cashless system. Government still went ahead and introduced the levy and gave justifications that revenue accrued from the levy was going to be used to create jobs, support the youth to take up entrepreneurshi, construct roads and several other fantasies.
Fast forward with that, two months down the line less than GHC 60m has been raised while the projected revenue was GHC 600m. This means the country has done less than 10 percent of the projected revenue. Meanwhile, senior economists had earlier on advised the government not to roll out the electronic levy tax since it was going to do a harm done a good.
Today, information emanating from the ministry of information indicates that the current administration is in official engagements with the International Monetary Fund for a bailout. What this means is that, we are currently seeking for an IMF bailout policy. This is going to be a whip at our backs since we cannot design a policy for ourselves and they are going to ensure discipline on us.
On the back of that, IMF may ask the government to review some interventory programmes like Free SHS and NABCO. Also there will be a freeze on employment as some economists have indicated. IMF may ask the government to cease projects like the National Cathedral. A lot of restrictions awaits us once we have gone to the IMF even though it is not too late.
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