Economist Professor Godfred Bokpin has called the general public to prepare for an increase in taxes following IMF\u2019s approval of Ghana\u2019s request for a bailout.<\/p>\n\n\n\n
Speaking to JoyNews\u2019 Evans Mensah on Wednesday, he explained that this is because the government will have to meet a tax to GDP ratio during the review of the programme.<\/p>\n\n\n\n
\u201cThere are targets that we have to meet every six months of the program review. Part of the target may include increasing our tax-to-GDP ratio to let\u2019s say 18%. The strategy in increasing the tax revenue could negatively impact businesses if we don\u2019t adopt optimal tax handles,\u201d Prof Bokpin said.<\/p>\n\n\n\n
This comes after the International Monetary Fund (IMF) finally approved Ghana\u2019s Programme request seeking for a $3 billion Balance of Payment support to stabilize the economy.<\/p>\n\n\n\n
In a press release by the IMF, they indicated that this decision will enable an immediate disbursement of about US$600 million to Ghana.<\/p>\n\n\n\n
\u201cThe program is based on the government\u2019s Post COVID-19 Program for Economic Growth (PC-PEG), which aims to restore macroeconomic stability and debt sustainability and includes wide-ranging reforms to build resilience and lay the foundation for stronger and more inclusive growth,\u201d parts of the statement read.<\/p>\n\n\n\n
Meanwhile, Prof Bokpin stated that Ghana needs strict governance and productivity-enhancing reforms to complement gains from the International Monetary Fund.<\/p>\n\n\n\n
He contends that government has a lot of work to do, in ensuring a robust macroeconomic stability in the short to medium term as the country awaits the first tranche of the $3 billion facility from the IMF.<\/p>\n\n\n\n
\u201cWhat then is important is that how do we complement gains from the IMF, short term usually, by the necessary governance productivity and enhancing reforms that Ghana needs to do?\u201d<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Economist Professor Godfred Bokpin has called the general public to prepare for an increase in taxes following IMF\u2019s approval of Ghana\u2019s request for a bailout. Speaking to JoyNews\u2019 Evans Mensah on Wednesday, he explained that this is because the government will have to meet a tax to GDP ratio during the review of the programme. […]<\/p>\n","protected":false},"author":13,"featured_media":33717,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_post_source_name":"","_post_source_url":"","footnotes":""},"categories":[43,1],"tags":[5222,5200,6725,5196,9643,1237,192,2264,6543,5060,12773,10954,2183,10313,11495,6431,8383,1502,6206,11906,6348,3954,10415],"class_list":["post-33716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-news","category-news","tag-covid","tag-covid-19","tag-debt","tag-economy","tag-fund","tag-gdp","tag-ghana","tag-government","tag-growth","tag-imf","tag-increase","tag-international","tag-international-monetary-fund","tag-professor","tag-reforms","tag-release","tag-revenue","tag-tax","tag-taxes","tag-the-general","tag-us","tag-will","tag-work"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/33716","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/comments?post=33716"}],"version-history":[{"count":0,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/33716\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media\/33717"}],"wp:attachment":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media?parent=33716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/categories?post=33716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/tags?post=33716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}