IMF behind 17.5% Petroleum Tax – MP

Member of Parliament for Obuasi West Constituency Kwaku Agyemang Kwarteng has blamed pressure from the International Monetary Fund (IMF) for government's “desperate measure” to find other sources of revenue.

He said imposition of a 17.5 per cent petroleum tax will only compound hardships Ghanaians have been suffering.

Speaking to TV3’s Bright Nana Amfoh on News @10 on Wednesday, Mr Kwarteng said timing of the introduction of the tax was wrong as most businesses are already struggling to find their feet as a result of economic turmoil.

The New Patriotic Party (NPP) MP said the petroleum tax will only help in collapsing businesses.

The Minority staged a walkout on Wednesday when the Minister of Finance, Seth Terkper, tabled the new tax for discussion and immediate passage.

The Majority, however, went ahead in the absence of their colleagues to pass the bill.

Mr Kwarteng said the tax is a desperate attempt to exact monies from Ghanaians "for whatever cause” of the government and to meet the annual deficit that have rippled from 2012.