The President, Nana Addo Dankwa Akufo-Addo, has insisted that the contentious Electronic-Transaction Levy (E-Levy) must be approved to help the government generate revenue domestically to revive Ghana’s ailing economy.
There have been calls for the government to turn to the International Monetary Fund (IMF) for financial assistance but the president has shot down the suggestions vehemently.
In response to the suggestions, President Akufo-Addo has indicated that Ghana cannot constantly rely on foreign grants to salvage the economy.
“It will not be possible for Ghana to be forever dependent on foreign grants and foreign loans to keep our economy going. We have to find the money for our economic development and that is why it has become necessary for us to introduce these measures like this famous [electronic transaction] tax that has caused so many disputations,” he said during a meeting with some chiefs from the Dzodze Traditional Area in the Volta Region.
The President’s comments come in the wake of suggestions for Ghana to return to the IMF for financial assistance.The government’s plan to raise revenue through the Electronic Transaction Levy has been widely criticised by some financial analysts and even some members of the NPP, who have argued that the expected revenue from the controversial tax will not be enough.