Economy traumatized; Akufo-Addo’s meeting with ministers, NPP MPs apt – Franklin Cudjoe

Founding President of policy think tank, Imani Africa, Mr Franklin Cudjoe has urged President Nana Addo Dankwa Akufo-Addo to share the ideas that came up during a meeting he had with his ministers and New Patriotic Party (NPP) lawmakers on the struggling economy at the Peduase Lodge.

Mr Cudjoe said the meeting was a step in the right direction.

“Good the President, ministers and his party MPs are meeting over the traumatized economy. Next, share ideas for feedback in a National Policy Renewal Forum,” he said in a Facebook post on Friday March 17.

Meanwhile, 3news.com has gathered that the option to go back to the International Monetary Fund (IMF) for support was not part of the agenda.

The Finance Minister Ken Ofori Atta had earlier that Ghana would not return to the IMF for support in order to deal with the challenges that the local economy is going through at the moment.

Speaking at the 3rd Townhall meeting on the E-levy on Thursday February 10, at the the Radache Hotel in Tamale in the Northern Region, he indicated that a return to the Bretton Woods institution will have dire consequences.

He also indicated that Ghana had the capacity to raise domestic revenue for development.

The government has been called upon to return to the IMF for support instead of relying on the proposed E-levy for revenue.

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For instance, a former Member of Parliament for New Juabeng South, Dr Mark Assibey-Yeboah believed that a return would rescue Ghana’s struggling economy.

“Without a doubt, I think we should be placing a call to Washington if we haven’t really done that. We are just not going to ask for the funds just because E-levy has been passed or not. E-levy will just bring about GH¢5 billion. We are in a deep hole of our tax revenue and facing difficulties, so going to the Fund will give us some support.

“So there is nothing wrong with going to the Fund.  Ghana is a member of the IMF so what is wrong going to ask for support when we are in difficulties to go and pool resources.  If I was the finance minister, I will be convincing the President that it is about time we went back,” he told Citi.

Mark Assibey Yeboah also added that the revenue expected to be accrued from the E-levy is to ensure the economic stability government is eyeing.

He further cast doubt on the government’s ability to raise the projected GH¢6.9 billion target, saying the maximum the government can raise from the controversial e-levy is GH¢5 billion.

“The GH¢6.9 billion target cannot be realized. There are a lot of exemptions so, in my estimation, the maximum amount we can get from the E-levy is GH¢5 billion, and that is less than a billion dollars, so I do not think that the E-levy is going to be a panacea to our revenues. Going to the IMF will ensure some stability and above all, we are going to get some $3 billion”.

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The General Secretary of the National Democratic Congress (NDC) Johnson Asiedu Nketia also made similar call to the government.

Asked whether President Nana Addo Dankwa Akufo-Addo should go to the IMF, while speaking on the New Day show on TV3 on Monday February 7, he answered “I think it is something that they have to consider. if it is the only that will take us out of this problem then the earlier the better.”

But Mr Ofori-Atta who had earlier stated that the government would not go back to the IMF insisted that “I can tell you, as my colleague deputy said, we are not going back to the IMF, whatever we do we are not [going back]. The consequences are dire, we are a proud nation, we have the resources , we have that capacity, don’t let anybody tell you … we are not people of short-sighted, we need to move on,” Mr Ofori-Atta said.

By Laud Nartey|3news.com|Ghana