Oppong Nkrumah, Minister of Information, has reiterated the urgent need for Parliament to approve three new tax bills before it. Ghana could be in a better place. We need to pass the three new tax bills.
He said the nation is presently under extreme financial tension, and deferring the bills to get a bailout from the Worldwide Money related Assets (IMF) will prompt something critical.
In an interview with Citi TV in Accra, the legislator stated that things would become complicated if the government's efforts to close the domestic revenue gap continued to stall.
We need to be in a better position due to our need for access to the global capital market. Our ability to meet our import obligations without hard currency is seriously jeopardised.
"We must complete all prior actions, lock up this deal and get a shore up best from the IMF and other inflow sources and do certain broad things to ensure that the economy doesn't crash and expand investments that will bring economic inclusion. We must do what must be done to ensure that we cement the relative stability we have had in the last four to five months and gradually begin to reverse our economic challenges.
The Minister has already requested support for the revenue bills from the Minority in Parliament and other relevant stakeholders.
"To our colleagues in the Minority, I think it is clear that we need to work together to achieve a certain objective for the country. My appeal to those in government, Minority, economic groups is that we must ensure that these revenue bills are passed", he encouraged.
It is anticipated that the Income Tax Amendment Bill, the Excise Duty Amendment Bill, and the Growth and Sustainability Amendment Bill will add approximately GH4 billion to domestic revenue annually.