With barely a week for Parliament to rise per the 31st March, 2023 proposed date, the remaining revenue bills before it are at risk of not being passed.
Among the bills are the Income Tax (Amendment) Bill, Excise Duty and Excise Tax Stamp (Amendment) Bill, and the Growth and Sustainability Levy. All are currently at the consideration stages.
The passage of these bills remains critical to government programmes as well as to enable the state to complete four of the five agreed prior actions in the International Monetary Fund (IMF) Staff Level Agreement.
The President, Nana Addo Dankwa Akufo-Addo, earlier this month, in his State of the Nation Address, appealed to Parliament to pass into law the outstanding revenue bills in order for the government to successfully conclude negotiations with the IMF by the close of this month.
“We are on course for the IMF staff to present to the IMF Executive Board, Ghana’s programme request for a US$3billion Extended Credit Facility by the end of the month.
“I thank the House for its support throughout this process, including the passage of key revenue laws. However, a few more of these measures, namely: Income Tax (Amendment) Bill, Excise Duty & Excise Tax Stamp (Amendment) Bills, as well as the Growth and Sustainability Levy Bill, are outstanding, which need the urgent attention of the House and passage to complete the prior actions.”
Among other conditions, the President’s appeal – when granted – pushes the country further closer to a US$3billion deal with the IMF.
The three-year IMF programme, according to the President, is anchored on the government’s Post COVID-19 Programme for Economic Growth (PC-PEG), aimed at restoring macroeconomic stability and debt sustainability while protecting the vulnerable.
