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Kwame Pianim Criticizes 8th Parliament’s Passing of New Taxes

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Economist Kwame Pianim has expressed his disappointment with Ghana’s 8th Parliament over the passing of three new taxes. Speaking in an interview on JoyNews’ Newsfile on Saturday, he criticized the legislators for their lack of due diligence, adding that they fail to ask relevant questions in the House before passing borrowing bills.

Mr. Pianim noted that the current Parliament will go down in history as one of the worst in Ghana. He further implored President Akufo-Addo not to assent to the three new revenue measures passed by Parliament on April 1.

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The measures, aimed at generating approximately $4 billion in internal revenue, will enable the government to secure a $3 billion International Monetary Fund (IMF) programme. However, business owners, traders associations, and some Ghanaians have been agitated about the passing of these new measures, saying it will lead to the collapse and relocation of businesses in the country.

According to Mr. Pianim, the government is interested in procurement, as the more projects the country has, the more opportunities for people to make money. He cited an instance with the COCOBOD project and how they are thinking of building a new headquarters without wondering about how bankrupt the organization is.

Mr. Pianim said that after the Ministry of Finance has done its work, they need to have an economic model that says what the economy will look like after the domestic debt exchange. He added that parliamentarians need to consult their people, think about it, and ask questions before passing bills, which they failed to do with these revenue measures.

Mr. Pianim hopes that the President will not sign the bill into law because it is not good for the country. He also urged Parliament to improve its due diligence before passing any future bills that will affect the country’s economy.

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