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Vol 63 No 4

Published 17th February 2022


Ofori-Atta bets on the E-Levy, rejects IMF

Locked out of the markets and hit by ratings downgrades, the government is trying to supercharge revenues and hack away at spending

As Finance Minister Ken Ofori-Atta and his Treasury team rule out any resort to the International Monetary Fund on nationalist grounds, they are taking a different set of political risks by imposing an unpopular electronic transaction tax (the E-Levy) and pledging to cut state spending by up to a fifth. As Ghana exited its IMF extended credit facility back in April 2019 with some fanfare, any return to the organisation now would raise awkward questions.

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