The Minister of Finance, Ken Ofori-Atta says the country is committed to managing its debt without assistance from the International Monetary Fund (IMF).
At a press conference in Accra on May 12, 2022, Mr. Ofori Atta expressed confidence in the government’s ability to put measures in place that will steer the country in the right direction.
According to government data, Ghana’s public debt which was at about 77% of its gross domestic product at the end of 2021 drove the country into crisis.
Due to this, the government has put in place several measures aimed at generating more revenue to strengthen the economy, according to AFRINews.
The controversial E-Levy and the cuts in the salaries of Public Officials are all part of the measures to restore a depreciating local currency and reassure investors.
The introduction of the new tax has seen its own criticisms from the Opposition and a majority of the citizenry.