Politics

E-levy: Minority frustrated efforts to raise revenue – Ofori-Atta

The late passage of the electronic transaction levy (E-levy), according to finance minister Ken Ofori-Atta, is partially to blame for the current economic difficulties.

He claimed that the foreign community’s confidence in the economy was harmed by the delay in passing the tax policy, which resulted in a loss of investors.

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In his Friday appearance before the Parliament’s Adhoc Committee, Mr. Ofori-Atta claimed that the e-delayed levy’s passage also contributed to Ghana’s sovereign credit rating being downgraded as a result in January 2022, “which prevented Ghana from issuing its Eurobonds, which it usually does in the first quarter.”

According to Mr. Ofori-Atta, the Minority obstructed efforts to levy money in order to sustain the financial stability of the economy.

“When the House for months failed to enact the significant revenue-generating measure offered by this government to assist the fiscal stability of the economy, we saw the terrible results.

“Unfortunately, the Minority Leader gleefully claimed credit for obstructing the government’s efforts to fulfill its half-year revenue,” he said. “This government was forced to approach the Fund (IMF) this year.”

The current pressures on Ghana’s economy have led to a high cost of living and what some have called “galloping inflation.”

The national currency fluctuates a lot in relation to the US dollar and other significant trading currencies across the world.

But the Finance Minister said the e-levy was borne “out of this heightened need to mobilise resources sufficient for managing the preeminent challenges of our time, physical consolidation, debt sustainability and reduce the unemployment. ”It would be recalled that the passage of the e-levy which requires 1.5% on all electronic transfers met stiff opposition from the Minority Group in Parliament.

However, it wasn’t implemented until May 1 by the Ghana Revenue Authority (GRA), following the passage of the E-levy Bill by Parliament and President Akufo-subsequent Addo’s assent.

The Finance Minister has since apologized to Ghanaians for the hardship they have experienced recently.

He thinks it is regrettable that the people are bearing the weight of the continuing economic unrest.

“Let me take this chance to tell the Ghanaian people what, in my opinion, every finance minister in the world would like to say to their people right now. He apologized to the committee in earnest.

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