The Ministry of Information has announced a decision by the government of Ghana to seek an IMF bailout after several months of turning down the idea.
The government, while refuting suggestions of a possible IMF bailout over several months, fought hard to gain parliamentary approval and implemented a 1.5% levy on all Electronic Transfers.
Known as the E-Levy, the new tax policy was touted as a genius homegrown revenue mobilization tool that had the potential to set the country’s economic footings right.
About one month after its implementation, the E-Levy has realised just 10% of its expected revenue and has been sighted by some critics as a vindication of how bad the government overestimated the potential of the E-Levy.
Some few days after it was revealed that the E-Levy has seemingly failed to achieve its target, the government has finally triggered the process for an IMF bailout.
This has received several reactions on social media with some users roping in E-Levy into the conversations.
Some users have pointed out the government’s persistent defense of the E-Levy as a panacea for going to the IMF while others are calling for the total reversal of the tax policy as a result of the announced IMF bailout.
See some social media reactions to government’s announcement of seeking IMF bailout below:
Source : ghanaweb.com
