Ghana needs IMF now – Joe Jackson

Joe Jackson Dalex121212 Chief Operations Officer at Dalex Finance, Joe Jackson

Tue, 21 Jun 2022 Source: www.ghanaweb.com

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Government imposes 1.5% tax on all electronic transfer

Chief Operations Officer at Dalex Finance, Joe Jackson, has said it is about time government runs to the International Monetary Fund (IMF) for financial assistance.

He explained that the IMF bailout will help stabilize the local economy, as well as, bridge the country's huge deficit.

Speaking in an interview with TV3 on Tuesday, June 21, 2022, inasmuch as government has resorted to the use of homegrown solutions to rake in revenue for the country, the support of IMF will help the economy bounce back on track.

Joe Jackson said, “I think the IMF is the most option to check the excesses we face...Our budget deficit is huge, there is no fiscal space, we need the IMF to support us so that the foreign markets and the flow of funds will be maintained. I honestly don’t see how we will get round this without going to the IMF.”

Meanwhile, Finance Minister, Ken Ofori-Atta, on May 12, 2022, reiterated government's stance on going to the International Monetary Fund (IMF) for financial aid.

According to him, interventions and policies have been put in place to ensure sufficient macroeconomic gains for the local economy.

Ken Ofori-Atta indicated that the IMF is aware that the Ghanaian economy is heading in the right direction.

He however called on Ghanaians to help government find alternative ways of financing the country's growing debt.

Government has instituted some home-grown solutions including the introduction of the E-Levy to stop the economy from wobbling.

The E-Levy imposes a 1.5% charge on all electronic transfers above GH¢100.

The tax policy is a move by the goverment to widen the country's tax net.

Meanwhile, the charging entities for the E-Levy are telecommunications companies, commercial banks, special deposit-taking institutions and Payment Service Providers (PSPs).


Source: www.ghanaweb.com
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