Top officials at the Presidency have announced that the Vice President, H.E. Dr. Mahamudu Bawumia, will address issues on Ghana’s decision to engage with the IMF on July 14.
Political actors have lately criticized President Nana Akufo-Addo for his silence on the current economic hardships and the government’s intention to seek support from the IMF.
However, according to an event flyer announcing the launch of a partnership between the Accra Business School and South East Technological University in Ireland, Dr. Bawumia will be the Guest of Honour. The government source revealed that he will use the opportunity to address issues related to the country’s recent decision to go to the IMF and the general economic environment.
Over the past few months, Ghana’s economic environment has been obsessed with conversations about shoring up local revenues through the Electronic Transaction Levy (E-levy), amidst widespread complaints about fuel price hikes, inflation, and the rising cost of living.
The government on July 1 announced that the President has instructed the Finance Minister to commence “formal engagements” with the IMF with the objective of resolving its balance of payment challenges and cushioning its fiscal stance following the distress caused by the COVID-19 pandemic and the Russian-Ukrainian war.
The IMF has since sent a delegation, and negotiations are expected to commence in earnest on Wednesday.
The Finance Ministry has indicated in a Frequently Asked Questions (FAQ) document about the IMF programme that the government does not intend to back down on its priority programmes, including the Free SHS. The Ministry, however, noted that the E-levy will continue, adding that it is going to take steps to resolve any challenges it experienced with the levy during its first phase of implementation.
