News:
Dr. John Ampotuah Kumah
April 5, 2022
Deputy Minister of Finance Dr. John Ampotuah Kumah has said message of the State of the Nation Address delivered to the House by President Nana Akufo-Addo has given Ghanaians hope that the nation would not under any circumstances return to the International Monetary Fund (IMF) to impose any conditionality on the country.
According to him so far as the New Patriotic Party (NPP) remains in government, the country would not return to the IMF.
He argued that the last time the previous National Democratic Congress (NDC) government took the country to IMF, “we left by forming graduate unemployed association in Ghana”. But the president gave us hope that, Ghanaians would have access to good and quality health care under Agenda 111 and several others, and there was hope that the economy would re-bounce and our macro indicators would be positive soon, he said.
In his contribution to the debate on message of the State of Nation Address delivered by the president, he further noted that, there is hope that the country’s infrastructure gap would be reduced; more roads are being built hospitals and schools are being expanded and railways are being fixed.
“Our friends in the Minority think IMF is the only solution to the economic challenges Ghana is facing, they have suggested why don’t you go to the IMF, go to the IMF, we have shown we have the alternatives in building the economics of this county without resulting to conditionalities that would be imposed on this country, we are not going today, tomorrow, so far as NPP remains in power”.
Dr. Kumah in his debate further pointed out that, looking beyond the E-Levy, government is taking further steps to cushion Ghanaians as a result of the twin crises; COVID 19, Russia and Ukraine war. To this end fuel prices are supposed to go down by one cedi following engagement between the chamber of bulk oil distributors, Bank of Ghana, and the Ministry of finance.
Furthermore, government has cut down on expenditures up to thirty percent; fifty percent cut on fuel coupons for government appointees; imposing moratorium on importation of cars and several others.
And if anybody has the capacity to bring the nation back on its truck it’s President Nana Addo Danquah Akufo-Addo and the NPP government; they have done it before in 2001 when the NDC took Ghana and left us in HIPC it was former President John Kuffour and the NPP government that built the country into a middle income.
Again, 2009 by the time they gave running of affairs of the country back to them in 2017 when president Akufo-Addo came they have taken the country back to IMF, adding that it is the current president who took Ghana out of IMF and built the economy of the county consistency from 2017 to 2019 on a GDP growth of seven (7) percent.
“In the days ahead Ghana would see restoration of economic indicators, commissioning of more projects like we did in Tamale inter change, stabilization of the Ghanaian cedis, so the message of the president was anchored on measures that have been taken in the past and those that are yet to be implemented”.
Additionally, the passage of E-Levy comes in to augment the revenue poll of government, stating that the contribution of 1.5 percent of momo transactions would go in to offer an area of unprecedented development of the county.
“This year, government intends to inject one billion Ghana cedis into ideas and business of young people through the YouStart programme and would continue for the next three years giving us, three billion cedis, participation financial institutions are going to put in five billion cedis, and development partners are expected to give in extra two billion cedis that gives Ghana ten billion ready to be invested in business ideas, innovations and creativities of young people and that would help create jobs in the country”.
“It means the unemployed youth in Bawku, Nadowli, Walewale, Kasoa, Cape Coast, Ashaiman and several places in the country would now begin to have hope of getting a sustainable job in this country. They would earn incomes and use it in supporting their families. Just by this action, government on the YouStart programme would have effect on lives, just as we did with the free SHS programme, with the NABCO programme, planting for food and jobs, one district one factory and several others”.
Another challenge that the E-Levy would address is the road and digital infrastructure challenge. He said we have in our country contractors that are tired of waiting, the IPCs are not settled for years because there is lack of regular revenue flows, and E-Levy as passed is going to see aggressive construction of roads in the country and is also going to help with the fiscal consolidation efforts and reduce the debt levels of the country.
“Mr. Speaker, the president recognises that there is a general anxiety in the country at the moment. This admission by the president is a testament to the fact that he is in touch with the ordinary Ghanaian and does understand the times and seasons”.
Kwaku Sakyi-Danso/Ghanamps.com