{"id":35869,"date":"2022-02-23T09:51:11","date_gmt":"2022-02-23T09:51:11","guid":{"rendered":"https:\/\/www.kumasionlinegh.com\/?p=35869"},"modified":"2022-02-23T09:51:14","modified_gmt":"2022-02-23T09:51:14","slug":"e-levy-better-than-going-to-imf-for-peanuts-prof-adei","status":"publish","type":"post","link":"https:\/\/www.kumasionlinetv.com\/?p=35869","title":{"rendered":"E-levy better than going to IMF for \u2018peanuts\u2019 \u2013 Prof. Adei"},"content":{"rendered":"\n<p>A former Board Chair of the Ghana Revenue Authority (GRA), Professor Stephen Adei, is making a case for the passage of the much-contested Electronic Transfer Levy (E-Levy).<\/p>\n\n\n\n<p>He says the E-levy is a more viable alternative in terms of solving revenue shortfalls than suggestions for the country to seek a bailout from the International Monetary Fund (IMF).<\/p>\n\n\n\n<p>Prof. Adei, the one-time Rector of the Ghana Institute of Management and Public Administration (GIMPA) maintained that the panacea to generating more revenue to revive the economy is to do that domestically through means like the new E-levy tax measure.<\/p>\n\n\n\n<p>\u201cI don\u2019t support us going to the IMF now. This is the time we have to stop this NPP and NDC thing and get [going]. I don\u2019t think we need to go to the IMF because there are two things that will happen about policy descriptions and the amount of money we will get because they won\u2019t give us more than half a million dollars which is peanut and less than half of what E-levy will give us. So we need policy direction changes and actions, and we can do it domestically.\u201d<\/p>\n\n\n\n<p>For Prof. Adei, the amount anticipated to be realised from the E-levy is enough to seal some of the revenue loopholes, and must not be allowed to elude the government.<\/p>\n\n\n\n<p>\u201cI can see that they would be getting about GH\u00a25 billion. GH\u00a25 billion is still a big amount; that\u2019s almost $1 billion. Even if they are not likely to get what has been projected given the situation we are in now, I believe that the MoMo must be taxed and, at least, it will help bring in GH\u00a25 billion to plug the hole\u201d, the academic emphasized.<\/p>\n\n\n\n<p>He backed his point by saying that the amount of money to be used in collecting the E-levy is low as compared to other tax policies that are costly in accumulation.<\/p>\n\n\n\n<p>\u201cImmediately, we must find low-hanging fruits and the MoMo [tax] is one of the low-hanging ones. In a developing country, one of the biggest challenges in taxation is that if the cost of collection, sometimes, exceeds what you\u2019ll get, then you must, as well, let it go. With the MoMo tax, however, the cost of collection is almost zero\u201d.<\/p>\n\n\n\n<p>The rate in the budget was 1.75 percent, but it is expected to be reduced to 1.5 percent. Despite the intended reduction, there is still stiff opposition to its passage.<\/p>\n\n\n\n<p>Some analysts have&nbsp;<a href=\"https:\/\/citinewsroom.com\/2022\/02\/economy-on-its-knees-cut-down-expenditure-and-go-to-imf-alex-mould\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>proposed seeking an IMF bailout<\/strong>&nbsp;<\/a>as a better alternative amidst public disapproval of the E-levy, but the government has said it will have none of that.<\/p>\n\n\n\n<p>Others have also brushed off calls for the government to go under an IMF programme, insisting that the options left for Ghana to consider are fiscal discipline, a reduction in wasteful expenditure, and the sealing of revenue leakages.<\/p>\n\n\n\n<p><strong>Send your news stories to\u00a0<a href=\"mailto:dannyboy744@gmail.com\">dannyboy744@gmail.com<\/a>\u00a0and via WhatsApp on +233 266777777<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A former Board Chair of the Ghana Revenue Authority (GRA), Professor Stephen Adei, is making a case for the passage of the much-contested Electronic Transfer Levy (E-Levy). He says the E-levy is a more viable alternative in terms of solving revenue shortfalls than suggestions for the country to seek a bailout from the International Monetary [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":35871,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"iawp_total_views":0,"footnotes":""},"categories":[944],"tags":[],"class_list":["post-35869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news-top-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>E-levy better than going to IMF for \u2018peanuts\u2019 \u2013 Prof. Adei - Kumasi Online TV<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.kumasionlinetv.com\/?p=35869\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"E-levy better than going to IMF for \u2018peanuts\u2019 \u2013 Prof. Adei - Kumasi Online TV\" \/>\n<meta property=\"og:description\" content=\"A former Board Chair of the Ghana Revenue Authority (GRA), Professor Stephen Adei, is making a case for the passage of the much-contested Electronic Transfer Levy (E-Levy). He says the E-levy is a more viable alternative in terms of solving revenue shortfalls than suggestions for the country to seek a bailout from the International Monetary [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.kumasionlinetv.com\/?p=35869\" \/>\n<meta property=\"og:site_name\" content=\"Kumasi Online TV\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-23T09:51:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-23T09:51:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.kumasionlinetv.com\/wp-content\/uploads\/2022\/02\/Prof.-Stephen-Adei.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"375\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Kumasi Online\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kumasi Online\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.kumasionlinetv.com\\\/?p=35869#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.kumasionlinetv.com\\\/?p=35869\"},\"author\":{\"name\":\"Kumasi Online\",\"@id\":\"https:\\\/\\\/www.kumasionlinetv.com\\\/#\\\/schema\\\/person\\\/71129f20b230eb698b6e82454423d7de\"},\"headline\":\"E-levy better than going to IMF for \u2018peanuts\u2019 \u2013 Prof. Adei\",\"datePublished\":\"2022-02-23T09:51:11+00:00\",\"dateModified\":\"2022-02-23T09:51:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.kumasionlinetv.com\\\/?p=35869\"},\"wordCount\":498,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.kumasionlinetv.com\\\/?p=35869#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.kumasionlinetv.com\\\/wp-content\\\/uploads\\\/2022\\\/02\\\/Prof.-Stephen-Adei.jpg\",\"articleSection\":[\"TOP STORIES\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.kumasionlinetv.com\\\/?p=35869#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.kumasionlinetv.com\\\/?p=35869\",\"url\":\"https:\\\/\\\/www.kumasionlinetv.com\\\/?p=35869\",\"name\":\"E-levy better than going to IMF for \u2018peanuts\u2019 \u2013 Prof. Adei - 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