Incoming Finance Minister Cassiel Ato Forson disclosed in Parliament's Appointments Committee vetting on Monday, January 13, 2025, that betting and other "nuisance taxes" will be abolished while the government's revenue will be increased. Responding to a question from an MP for Atiwa West, Lauretta Korkor Asante, on how the NDC government will complement the revenue shortfalls when the taxes are abolished, Dr. Ato Forson boldly declared that he would raise Ghana's tax revenue to 18% of GDP from 13.8% without adding new taxes.
The paltry 50 million cedis betting tax per year would be the first to be abolished. "The uproar about the betting tax does not warrant the imposition of such a tax," he stated, making it clear that abolishing the tax would not deprive Ghana of economic development. Describing how Ghana will be in a position to pay its bills on fewer taxes? The minister-designate's approach was in the form of better collection rather than raising more collection. "You do not necessarily raise taxes before raising revenue," he said.
The minister-designate's approach is founded on higher tax compliance and strong collection instruments, hand-in-hand with the GRA to avoid leakages of revenues. He demanded cutting down government expenditure and limiting borrowing to be the centerpiece of his agenda.
Dr AtoForson promised Ghanaians that crippling taxation would be reversed while being assured sustainable mobilization of revenues. Answering questions of possible IMF lending, he explained that while extra funding is still available "if need be," the short-term expectation was not that, he intimated
source: graphiconline
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