The Worldwide Financial Fund (IMF) has described as prudent the federal government’s choice to extend the Power Sector Levy on every litre of petroleum merchandise in Ghana.
The IMF argues that if the transfer may assist in lowering the vitality sector debt and enhance Ghana’s fiscal deficit state of affairs, then the initiative ought to be welcomed.
Talking at a Information Convention in Washington, DC, USA, Director of Communications on the IMF Julie Kozack mentioned, “This new measure will assist generate extra assets to sort out challenges in Ghana’s vitality sector”.
“We additionally consider that this can assist bolster Ghana’s skill to take care of the fiscal challenges”, the Director of Communications added.
Background
President John Mahama final Thursday, June 5, 2025, signed the Revised Power Sector Levy (Modification) Invoice 2025. This was after it was handed by parliament.
This paved the way in which for the Ghana Income Authority (GRA ) to start out implementing the levy from June 6, 2025. Nevertheless, following implementation challenges expressed by the Chamber of Oil Advertising Corporations, the GRA was pressured to defer the levy’s introduction to July 16, 2025.
Based mostly on these new revisions, shoppers of petroleum merchandise might be paying GH¢1.96 because the revised Power Sector Shortfall and Debt Reimbursement Levy on every litre of gasoline bought on the pumps.
The Chamber of Oil Advertising Corporations (COMAC) warned that implementing the levy will outcome within the common worth of petrol shifting from GH¢11 per litre to about GH¢13 per litre.
Standing of Ghana’s Fourth Employees Overview
Talking on the Press Convention, the Director of Communications on the IMF additionally introduced that the IMF Board is anticipated to think about Ghana’s Fourth Overview report below the Prolonged Credit score Facility association, in early July 2025.
She added that if the board approves the workers report that might result in the discharge of some 370 million {dollars} to Ghana.
In accordance with Madam Kozack, topic to the Government Board approval, “Ghana can have entry to US$370 million, bringing the entire IMF Monetary Help disbursed below the programme since Could 2023 to US$2.355 billion
Nevertheless, some individuals near the IMF have instructed JOYBUSINESS that disbursement might be made instantly to the Financial institution of Ghana’s account instantly the Board approves the Fourth Overview report.
The IMF has maintained that for the reason that starting of the 12 months the brand new authorities have taken daring measures to deal with coverage and reform slippages and guarantee achievement of programme goals.
This consists of enacting a robust finances and public monetary administration reforms, tightening financial coverage and adjusting electrical energy costs.
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DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially signify the views or coverage of Multimedia Group Restricted.
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