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Ghana’s parliament approves new tax measures to boost revenue, meet IMF bailout deal

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Ghana’s parliament on Saturday approved new tax measures expected to raise an additional $340 million in revenue in a bid to meet requirements for the International Monetary Fund’s (IMF) $3 billion bailout program.

In a tight vote, the country’s hung parliament passed the measure 137 to 136. The bills will increase some income taxes and corporate taxes, as well as the excise duty on cigarettes and various alcoholic and sweetened beverages.

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Ghana is restructuring most of its public debt, which stood at about 575.7 billion cedis ($47 billion) at the end of November, to qualify for the IMF support package.

The taxes will help facilitate IMF approval for the funding after bilateral creditors give the necessary financial assurances. Ghana is now targeting an agreement by the end of April after the March deadline was missed.

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