Prioritise passage of revenue bills to help advance IMF bailout – BoG urges Parliament

Governor of the Central Bank, Dr. Ernest Addison has called on Parliament to prioritise the passage of relevant revenue bills which is currently before the House for consideration.

The revenue measures include the Income Tax Amendment Bill, Growth and Sustainability Bill, and the Excise Amendment Bill.

The Ministry of Finance earlier said that the new proposed taxes will increase the country’s domestic revenue by almost GH¢5 billion as well as boost Ghana’s fiscal position.

In view of this, the Bank of Ghana has explained that the passage of the revenue bills formed part of the prior actions required for Ghana to receive Executive Board Level approval for an IMF bailout.

“The passage of the relevant revenue bills by Parliament will therefore conclude the required prior actions to advance Ghana’s programme to the IMF Executive Board. This will be critical in resetting the economy on the path of recovery, including putting it firmly on a disinflation path and sustained growth”

Dr. Ernest Addison made this known at the 111th Monetary Policy Committee press briefing held in Accra on March 28, 2023.

Government through the Ministry of Finance laid before Parliament three amended bills that are expected to revamp the country's domestic revenue mobilisation efforts.

MA/FNOQ