NDC against E-Levy
Kwakye Ofosu and Annoh Dompreh argue over E-Levy and IMF bailout
Nsawam Adoagyir Member of Parliament, Frank Annoh-Dompreh, and the former Deputy Minister for Information under the erstwhile John Mahama administration, Felix Kwakye Ofosu, have been engaging in a Twitter banter on the management of Ghana's economy by the current government.
The banter started when the former minister indicted Vice President Dr Mahamudu Bawumia and the Minister for Finance, Ken Ofori Atta, for what he said is their catastrophic management of the economy.
It then degenerated into a fierce argument over the government's decision to ensure the imposition of a 1.5% levy on all electronic transactions instead of running to the International Monitory Fund for an economic bailout
"In any self-respecting country, Bawumia and Ken Ofori Atta would have resigned their positions as Head of the Economic Management Team and Finance Minister respectively for their catastrophic mismanagement, which led to the collapse of the economy and severe hardships," he tweeted.
But in a response that triggered a back and forth between himself and the former minister, Frank Annoh Dompreh suggested that the current government deserves to be applauded for coming up with revenue generation ideas such as the E-Levy instead of going for a bailout as was done under the John Mahama administration.
"I am quite impelled to respond to this 'wild' comment from you. I will rather applaud this administration for not rushing to the IMF for policy credibility as you did, but looking within and taking all the difficult decisions. Tell us just one social policy you implemented," Annoh Dompreh, who doubles as the Majority Chief Whip of Parliament, said.
Citing the current underperformance of government bonds, Kwakye Ofosu noted that the government, despite the difficulty in generating revenue, has refused to seek IM assistance because such an action will be a further indictment on the vice president.
"You do not have policy credibility; that is why investors do not trust your revenue policies and have shunned your bonds like a plague. You have not gone to the IMF simply to save the blushes of the usually talkative but flatfooted Bawumia who has been silenced by the E-Levy," he wrote.
But for Frank Annoh Dompreh, the avoidance of an IMF bailout is owed to the success of the current government.
However, Kwakye Ofosu maintained that going to the IMF is an obvious solution to the nation's current economic woes. He noted that merely refusing to go to the IMF for assistance does not take away the effects of what he insists is bad management of the economy by the Akufo-Addo and Bawumia-led government.
"The mismanagement of the economy has brought your party and government to its knees. Merely refusing to do the obvious - going to the IMF- doesn't let you off the hook. At the moment, the economy is in a tailspin with insurmountable debt and total lack of investor confidence," he stated.
The current government has insisted that proceeds from the controversial E-Levy, which is currently a bill before parliament, is needed to fast-track national development.
On the other hand, the opposition National Democratic Congress maintains that the government's insistence on passing the bill despite public uproar is due to desperation.
According to the opposition, the government has a better option in seeking assistance from the IMF instead of forcing the imposition of the levy.
Frank Annoh Dompreh and Felix Ofosu Kwakye