#africanews #imf #johnmahama It's no longer news that the Western-led institution, the “International Monetary Fund”, has done more harm than good to African countries. Since Independence, the IMF has advocated economic policies that would supposedly boost African economies. But despite the implementation of these policies, African economies have gone from bad to worse. It’s no surprise then that some African countries have begun to reject the IMF policies. One such country in recent times is Ghana. The newly elected President of Ghana has decided to scrap several taxes advocated by the IMF which the administration of former President Akufo Afro implemented. This decision is similar to moves made by the authorities in Egypt as well as the President of Burkina Faso. The question is “Why are these countries rejecting the IMF policies? What harms have these policies inflicted on the ordinary citizens of these countries? Let’s find out.
The former administration of Akufo Addo left a bleeding economy deep in a severe debt crisis for the new administration. The inflation rate is ridiculously high, debt burden has increased, the currency has depreciated and the economic hardship is severe on ordinary Ghanaian citizens. Overall, Ghana is currently facing its worst economic crisis in decades. This is the situation that the former President left for President Mahama’s administration to quickly fix.
In a move to ease the burden on citizens, Mahama’s administration announced a few days ago that it has scrapped several Covid-era taxes imposed on the citizens. These taxes were enforced by the former government of Akufo Addo in a bid to secure IMF funding. According to the Finance Minister Cassiel Ato Forson, five taxes deemed “nuisance levies” by the current government, including a one-percent levy on mobile money transfers and a value-added tax on motor vehicle insurance are being cancelled. He made this announcement while presenting the 2025 Economic budget.
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