Finance

FULL TEXT: Finance Ministry answers 38 key questions on IMF programme

Ken Ofori-Atta, Finance Minister and President Akufo-Addo (right)

E-Levy will not be scrapped despite IMF bailout

E-Levy should be scrapped after going to the IMF – ACEP

IMF assistance to help shore up foreign reserves

The Electronic Transfer Levy will not be discontinued despite an application to the International Monetary for a financial bailout, the Finance Ministry has said.

The Ministry said the IMF bailout is a means to help the country shore up its foreign reserves thus tax measures including the electronic transfer levy will not be cancelled.

The Finance Ministry in a 15-paged document addressed some frequently asked questions on Ghana’s move to seek support from the IMF.

Answering the question, “Will government terminate the E-Levy because IMF will give Ghana money?”

The Finance Ministry said, “NO. The IMF lending to Ghana will be for the balance of payments support (i.e., to shore up the international reserves). The government is committed to ensuring the smooth operationalization of all taxes including the e-levy to ensure that in addition to the IMF’s resources, the government can continue to support its developmental goals on its own while ensuring that the tax-to-GPD ratio increases to the peer range of 16%-18%.”

It added: “An IMF-supported programme is likely to encourage the government to investigate the factors hindering the success of the e-levy (including by providing technical assistance if needed) and come out with strategies to improve it. Additionally, other tax measures could be considered for the medium-term.”

Read the full statement below:

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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