The Minister of State at the Finance Ministry, Charles Adu-Boahen is optimistic the Electronic Transaction Levy (E-Levy) will be approved by Parliament this week.
Speaking to Joy Business after the Finance Ministry’s briefing on post engagements with foreign investors on the economy, Mr. Adu-Boahen said the broader stakeholder consultations done suggests that the proposed tax will be passed.
“We continue to engage, we have engaged the telcos, we’ve engaged the citizens of Ghana, and we have listened to what the people have to say. So we are very positive that when we go back to Parliament this week we will get the e-levy approved”, he said.
According to him, the E-Levy is a key government policy to mobilise funds for developmental projects across the country, thus the need to have it approved and its implementation swiftly done.
“It’s a key government policy for developmental projects and a key part of the Ghanaian budget”, he added.
Again, Mr. Adu-Boahen said since Ghana’s debt to Gross Domestic Product is low, therefore there is the need to mobilise adequate revenue.
On the fiscal outlook of the country, he stated that the fiscal consolidation should not be expenditure driven, but the generation of more revenue to boost economic growth.
“When we are talking about fiscal consolidation, we have to juxtapose things and not to sacrifice growth. If you cut back too much on expenditures you run a risk of sacrificing your growth, so we try to generate more revenue.
The 1.75% E-Levy which has become a subject of debate among Ghanaians when approved is expected to rake in a little above ¢6 billion in tax revenue for the country.
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