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Government has collateralized all revenue sources - Mahama

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Thu, 30 Jun 2022 Source: www.ghanaweb.com

Energy Sector Levy Act, GETFUND collateralized

Money from revenue sources spent upfront by government, Mahama

Mahama speaks on Ghanaian economy

Former President, John Dramani Mahama, has accused government of collateralizing the country's resources.

According to him, the country is fraught with several challenges because all sources of the country's revenues are no longer available because government took the monies upfront and squandered it.

He asserted, for instance, that the governing New Patriotic Party (NPP) has collateralized the Energy Sector Levy Act (ESLA) until 2035.

This means that from now till 2035, no government can access cash from ESLA.

John Dramani Mahama added that GETFUND has also been used to float a bond.

Addressing a gathering on the economy in Accra on Thursday, June 30, 2022, he said, “There is the collateralization of all sources of revenues and it is affecting them because these revenues are no longer available, they have taken them upfront and spent them...But the more important thing is the effect it will have on our future and future governments. For instance, ESLA, till 2035, it means that governments now, and 2035 are not going to have access to any extra ESLA revenues."

“GETFUND, they have used it to float a bond and so they themselves and future governments will not have access to GETFUnd revenues...That is why I said the other time when the TUC asked that the President should take some of the taxes off, I said some of the taxes, they can’t take them off because they have collected the money and spent it upfront,” he added.





ESA/FNOQ

Source: www.ghanaweb.com
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