The much talked about e-levy which was expected to give government some GHS600 million after its implementation is delivering only 10% of the estimated revenue, a leading member of the governing New Patriotic Party (NPP) Gabby Otchere-Darko has said.

According to Mr Otchere-Darko the country’s revenues remain very low as compared to the rest of the world.

He admitted that debt levels are dangerously high, cedi, like most currencies is struggling against the US dollar.

He lamented that although Ghana has no food crisis with enough food from farms, food prices have shot up 3-4 times more in the cities, far and over above rising cost of transportation.

He noted that, to make matters worse, global food insecurity is worsening as inflation, from challenges with supply chain, worsens.

In a serious of tweets on Monday morning, the President’s cousin said there’s, understandably, a national aversion to an IMF program, because of the history of conditionalities which attack sacred cows like jobs and social interventions adding that Akufo-Addo will not sacrifice free SHS and other critical welfare policies to help the poor for any assistance.

He said he is not for an IMF program that throws peanuts at us but imposes conditions that will end up hurting the poor, jobs and businesses.

He noted, however, that in principle he is not against an IMF programme.

It is not clear why the President’s cousin is preaching about the economy and hinting of an IMF programme after the government had turned down several calls from the opposition parties and economists to seek an IMF bailout in the wake of the harsh economic conditions.

After 5 months of stalemate and bashing, the e-levy, after implementation, is delivering only 10% of estimated revenues; our revenues remain very low as compared to the rest of the world; debt levels dangerously high, cedi, like most currencies, struggling against the US dollar…

— Gabby Otchere-Darko (@GabbyDarko) June 27, 2022

Ghana has no food crisis, enough food from our farms, yet food prices have shot up 3-4 times more in our cities, far & over above rising cost of transportation. To make matters worse, global food insecurity is worsening as inflation, from challenges with supply chain, worsens…

— Gabby Otchere-Darko (@GabbyDarko) June 27, 2022

Our economy is growing faster than most countries around the world. But, that alone can’t save us as confidence in our ability to service our debts is lowering. We can’t continue to use all the little revenues raised to pay our debts. Very soon we may have to borrow to pay wages!

— Gabby Otchere-Darko (@GabbyDarko) June 27, 2022

What options are open to government? The question should rather be: what option, if adopted, will re-inject investor confidence in our economy? Even if we find the $3-5 billion required, will that help? E-levy which was to have given us some 600m by now has done less than 60m.

— Gabby Otchere-Darko (@GabbyDarko) June 27, 2022

There’s, understandably, a national aversion to an IMF program, because of the history of conditionalities which attack sacred cows like jobs and social interventions. Akufo-Addo will not sacrifice free SHS and other critical welfare policies to help the poor for any assistance.

— Gabby Otchere-Darko (@GabbyDarko) June 27, 2022

Yes our revenue to GDP ratio is among the lowest in the world (even in Africa!); but with the the current global hardships, and cost of living rising everywhere in the world, a decision by any govt to intensify taxation measures especially for workers may not be too clever.

— Gabby Otchere-Darko (@GabbyDarko) June 27, 2022

Ghana is a member of the IMF. The world is in serious crisis. Ours is not helped by our high debt and low income levels. With the economy still growing, but investor confidence low, govt being compelled to cut down capital expenditures will eventually lead to job losses unless…

— Gabby Otchere-Darko (@GabbyDarko) June 27, 2022

We do something that will inject confidence in our capacity to ride this heavy storm and that something should happen pretty quickly. Are you against an IMF program?

— Gabby Otchere-Darko (@GabbyDarko) June 27, 2022

I am not for an IMF program that throws peanuts at us but imposes conditions that will end up hurting the poor, jobs and businesses more. Covid-19 and War in Ukraine are not of Africa’s doing but more to our doom. A program that pretends it is all our doing is doomed to fail.

— Gabby Otchere-Darko (@GabbyDarko) June 27, 2022

Am I against an IMF program in principle? No.

— Gabby Otchere-Darko (@GabbyDarko) June 27, 2022

Access to education and vocational skils are expanding more than ever. Factories have been built and more being built than ever before. Roads have been built and more being built than ever before. The economy continues to grow. The trouble is how to ride the current storm now.

— Gabby Otchere-Darko (@GabbyDarko) June 27, 2022