We Won’t Go To IMF Today Or Tomorrow – John Kumah Insists On E-Levy

Amidst the calls by some economic experts and the opposition NDC on the government to seek support from the International Monetary Fund (IMF) to salvage what is left of the country economic, Deputy Minister for Finance, Dr. John Kumah has insisted that the government has no intention to seek help from the fund.

Dr. John Kumah says the NPP government has the capacity to transform the economy and deal with the current challenges without the help of the IMF.

He further stated that the IMF virtually has no better solutions for the country if government seek their support except austere measures which will further deepen the plight of Ghanaians.

Speaking in an interview with Accra-based Angel TV monitored by ABC News, the Member of Parliament for Ejisu explained that the controversial E-levy can generate more than the amount the IMF will offer country if the country seek their assistance.

Alluding from the last time the NDC government sought assistance from the fund, he noted that the fund offered the country $900 milllion in three years averaging $300 million a year. He however indicated that the E-levy will generate $1.2 billion a year for government and $3.6 billion in three years so there is no need for government to seek assistance from the IMF since the government has the capacity to better the economic situation of the country.

Explain the government’s position of his audience, he indicated that “the last time NDC went to IMF, they won’t us to be at par with them that is why they are shouting that we should go to the IMF, the fund gave us $900 million. This $900 million, let’s assume its $1billon was spread for the country in three years. So they disbursed the money in three tranches with an average of $300 million a every year.

“When you consider the E-levy we want to introduce, we have projected an average of GHC6.9 billion a year which translates into $1.2 billion every year. We can domestically mobilize this amount of revenue to develop this country. So with the three years that the IMF will give you an average of $1billion, the same three years can give us $3.6 billion without any interference from the fund. We can still fund our Free SHS of which I believe if the IMF comes in they will tell us to halt because we are spending too much,” the deputy minister of finance explained.

He therefore insisted that, “so we won’t go today nor tomorrow. If we can raise $3.6 billion and they will give us $900 million dollars why do we go there. We the NPP government have vowed and emphasized that as long as we are in charge of the economy of Ghana, we won’t go to the IMF today nor tomorrow.”

Source: ABCNewsGH