We Will Find Needed Resources To Develop Ghana - Akufo-Addo
President Akufo Addo says the government will find the needed resources to fund the country’s infrastructural projects despite the current economic circumstances. Speaking at a meeting with some chiefs from Dzodze Traditional Area in the Volta Region, Nana Akufo-Addo said the COVID-19 pandemic has dealt a big blow to the
country’s fiscal situation. He said with many citizens severely affected by the pandemic, the government was forced to make unplanned expenses such as providing free water, free food, free electricity, among others, to ensure that the economy does not totally collapse. The revenues during 2020, 2021 went down considerably
because of the slowing down of economic activities that also came from the COVID and at the same time government in order to keep the country going had to incur additional expenditure; free water, free electricity and free food, these were unavoidable expenses that the government had to make, he said. He added that
despite the circumstances, his government will do all it can to ensure that its developmental agenda will not be hindered. The country’s dire economic situation and limited access to the international financial market have caused it to resort to domestic revenue mobilization options, including the controversial E-levy, which seeks
to deduct 1.75% tax on electronic financial transactions. The E-levy has been the subject of several discussions since it was first announced by the Finance Minister, Ken Ofori-Atta in December 2021 during the reading of the 2022 Budget. The minority and majority caucuses in Parliament have failed to reach a consensus on whether
to abolish or proceed with the E-levy. While the minority are against it, the majority side have also declared their support and intention to ensure its passage, arguing that, the country has no other option but the E-levy to raise the required finances to support the country’s development.