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Oppong Nkrumah urges Minority to support passage of revenue bills
The Minister of Information, Kojo Oppong Nkrumah, has appealed to the Minority in Parliament to support the passage of the revenue bills currently before the house in order to help the government secure the $3 billion from the International Monetary Fund (IMF).
The bills, which include the Income Tax Amendment Bill, Excise Duty Amendment Bill, and Growth and Sustainability Amendment Bill, are expected to generate approximately GH¢4 billion per year to supplement domestic revenue.
Speaking to journalists, Kojo Oppong Nkrumah stated that there must be an agreement on the bills in order to help the economy recover.
“I am not too fixated on arguing with GUTA and AGI. We must find a very decent middle ground that allows us to close this gap for our collective good. To our colleagues in the Minority, I think it is clear that we need to work together to achieve a certain objective for the country. Sometimes we are whipped up but let’s look at the country’s interest at this point in time.”
“The world is ready to help us, China, the Paris Club and external creditors are all with us in a good place now and are looking at us to see if we can help ourselves. My appeal to those in government, Minority, economic groups is that, we must ensure that these revenue bills are passed to close this GH¢4 billion gap”, he said.
Approval of these outstanding revenue mobilization bills will facilitate the Board Approval for the $3 billion International Monetary Fund (IMF) Programme staff-level agreement.
As part of measures to meet the criteria set by the IMF to qualify for a bailout, the government has completed tariff adjustment by the Public Utilities Regulatory Commission (PURC), Publication of the Auditor-General’s Report on COVID-19 spending, and Onboarding of Ghana Education Trust Fund (GETFund), District Assemblies Common Fund (DACF) and Road Fund on Ghana integrated financial management information system (GIFMIS).
The international and domestic bond markets are shut for the financing of government programmes, forcing the government to rely on Treasury Bills and concessional loans as the primary sources of financing for the 2023 fiscal year.
Therefore, consideration and approval of fiscal measures by Parliament are critical for recovery from the current economic crisis.
The government is set to lay before Parliament today, November 21, a Constitutional Instrument (C.I) seeking to restrict the importation of selected strategic products into the country.
The items, numbering over 20, will include rice, tripe (popularly called “yemuadie” in Ghana), and diapers.
The government said the move is part of efforts to enhance local production.
Speaking during a press briefing in Parliament, the Minister of Trade and Industry, K.T Hammond said, “Stomach of animals, bladder and the chunk of intestines (yemuadie), the country had had to put in an amount of about $164 million towards the importation of these items. We are taking steps to ensure that in terms of rice, there’s no poverty of rice in the country.”
He emphasized, “By these restrictions, we are not going to ensure that there’s no food in the country at all; that is not the point at all. There have to be some efforts by the government to ensure that we go back to Acheampong’s operation feed yourself. There are about 22 items on the list, one of them, I think, is diapers.”
He announced the introduction of the Ghana Standards Authority Regulations 2023, which also seeks to streamline the manufacturing of cement to ensure competitive pricing.
Vice President Dr. Mahamudu Bawumia says former President John Dramani Mahama does not understand the 24-hour economy policy he is proposing.
According to the Vice President, that policy is already being implemented in the country, as hospitals, fuel companies, among others, operate a 24-hour system.
Dr. Bawumia, therefore, urged Ghanaians to ignore Mahama during the 2024 polls since he has nothing new to offer and vote for the New Patriotic Party.
“John Mahama says he has a new idea. What is the idea? He says he wants a 24-hour economy. He doesn’t even understand that policy. Today in Ghana, our hospitals work 24 hours, our electricity company works 24 hours, our water company works 24 hours, our fuel stations work 24 hours, and many chop bars work 24 hours. Today because of digitalisation, you can transfer money 24 hours, you can receive money 24 hours… So he doesn’t understand his own policy. It doesn’t make sense.”
“So I want you to vote for me in 2024 because I will bring a new vision, I will bring a new policy. Mahama is the past, Dr Bawumia is the future. If John Mahama was there, we would say we have a dumsor economy, you can’t have a 24-hour economy in dumsor. So, you want to vote for Dr Bawumia in 2024, we will take the country to new heights,” Dr Bawumia stated.
The Speaker of Parliament, Alban Bagbin, has accused the International Monetary Fund (IMF) of pressuring the House to pass a number of bills under a certificate of urgency.
Mr. Bagbin cited bills such as the Affirmative Action Bill, which is allegedly being pushed by the IMF as part of the conditionality for the balance of the $3 billion credit facility for Ghana.
Speaking at the Speaker’s Breakfast Meeting on Monday, Alban Bagbin insisted that the House will not be coerced by the IMF to pass the bill.
“Even in this budget, you can see the arm of the IMF in a lot of provisions in the budget. A critical bill like the Affirmative Action Gender Equality Bill has come to Parliament under a certificate of urgency. Please, it won’t happen; we won’t pass it under a certificate of urgency.”
“There are critical stakeholders we must consult and make sure we go together. We will not be dictated by the IMF; that one, you can be assured. This is a very critical bill that the IMF should know that we need the buy-in of the stakeholders to be able to implement it,” Alban Bagbin said.
The Affirmative Action Bill, when passed into law, would seek to expunge the historically low representation of women in decision-making spaces and promote democracy and development through all-inclusive participation.
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