Information available indicate that the Finance Minister, Ken Ofori Atta intends to increase road tolls by 120% to fund infrastructural projects in the country. Ghana’s total expenditure in 2022 is projected at ¢128.3 billion which will be 25.8% of GDP. Data from the Ministry of Finance indicate that total expenditure (including payments for the clearance of arrears) is projected at ¢128.3 billion (25.8% of GDP) in 2022.
Officials at the ministry who spoke in anonymity revealed that the new levy will increase government revenue expenditure which will prevent government from going to the International Monetary Fund (IMF) as predicted by various economic experts and organizations like Fitch Solutions amongst others. However, speaking in an interview with Joy Business on Monday 8th November 2022, the finance minister indicated in contrast to circulating reports, government will not run to the IMF for bail out
Ghanaians are also expected to pay more for fuel as levies will be reviewed upwards to improve the deficit number of the nation which is already above the acceptable Bank of Ghana ratio. The minority in parliament has warned government that if they do not cut down their expenditure, they nation is at risk of being in debt stress as stated in the IMF article IV review conducted on the state of the economy earlier this year.
The minister for finance will present the 2022 budget statement and economic policy on Wednesday 17th November at 10:00am in parliament. As the nation draws closer to the said date, Former Deputy Communications Minister under the Mahama administration, Felix Kwakye Ofosu, has said Ghanaians should brace themselves for more taxes in the 2022 budget statement. Mr Felix was of the view that the current administration had plunged the country into so much debt that it will require more taxes to be able to borrow more from international lenders.
He was speaking in an interview with Happy FM’s Don Prah on the ‘Epa Hoa Daben’ show, when he stated: “International organizations have directed that the current government can only receive funding if it includes more taxes in the budget in order to get a sum of 10 billion Ghana cedis to clear its debt.”
By Felix Hartford