Former government official, Dr. Gideon Boako, has cautioned that the proposed abolition of the e-levy and betting tax by the Mahama-led government could violate the conditions of Ghana’s International Monetary Fund (IMF) program and necessitate the introduction of new taxes.
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In an interview with Citi News, Dr. Boako, a Member of Parliament for Tano North and key figure in the previous administration, emphasized the risk of undermining government revenue and breaching IMF agreements. “You cannot cancel or scrap e-levy, scrap betting tax, and go behind and create another tax to fill the gap,” he warned.
The Finance Minister-Designate, Dr. Cassiel Ato Forson, recently announced during his vetting in Parliament the intention to abolish the controversial taxes—a decision that has garnered public approval. However, Dr. Boako stressed that eliminating these taxes could hinder the country’s ability to meet its financial obligations under the IMF deal.
“If they indeed want to scrap e-levy, betting tax, and others, the only way to sustain the debt service to revenue ratio as required by the IMF is to introduce another tax through the back door to compensate for the revenue loss,” Dr. Boako remarked.
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He highlighted the need for fiscal discipline and urged clarity on how the government plans to offset the revenue shortfall without introducing new levies, ensuring adherence to the IMF agreement.
This debate underscores the delicate balance between tax relief measures and maintaining fiscal sustainability in Ghana.