IMF Has No Better Solution For us, E-Levy Is Our Surest Bet – Buaben Asamoa

Director of Communications for the NPP, Yaw Buaben-Asamoa has rubbished recommendations given by the opposition NDC and some economic experts that the country should seek support from the International Monetary Fund, IMF.

The NDC and these Civil Society Organizations are of the view that considering the current state of our economy where especially, our public debt stock has risen astronomically, it will be prudent for the government to seek support from the IMF.

But the Director of Communications of the NPP says the IMF has nothing better to offer the country. According to the former Member of Parliament for Adenta, Ghana’s situation will be worsened if the government seek for an IMF program.

Speaking in an interview with Accra-based Okay FM, Yaw Buaben-Asamoa contended that the IMF will “force” the hand of government to implement austerity measures such as astronomical increase in taxes, halt investment in government flagship initiatives such as Free SHS, NABCo, Teacher trainee allowances among others.

“Today the NDC says we should go to IMF. The moment you go to IMF they will tell you to increase your revenue, seek revenue from all possible avenues and increase taxes. Secondly, they will direct you to reduce your debt. That is government should not put money in any sector by rather channel the money into paying off its debt. These are what the IMF is going to say,” he indicated.

In addition, Yaw Buaben-Asamoa stated that the revenue support the IMF will offer Ghana as part of its program is very meagre compared to the estimated revenue government will accrue from the E-levy.

To this end, he emphasized that the IMF is not an option for government since the economic plight of Ghanaians will move from good to worse under an IMF program. He therefore contended that the revenue from the E-levy will be invested in critical sectors of the economy to generate employment, manage the country’s debt, build infrastructure among others.

He said,”if you have a brave government, you don’t need to go to IMF; to do what? Because if you go, the support they will offer in terms of funds is very meagre. When John Mahama went there they give him $900 million for three years which wasn’t any valuable money.”