Betting Tax is a Nuisance Tax- Dr. Cassiel Ato Forson
GHANA’S Finance Minister Designate, Dr. Cassel Ato Forson has described the betting tax as a nuisance tax and scrapping it would not have adverse effects on the country’s economy.
According to him the country rakes in less than GHC50, million annually, and has little economic impact.
Dr. Forson said these when he was been vetted by the Parliament’s Appointment Committee on Monday, January 13, 2025.
He said, “Some of the taxes out there are not bringing the revenues that they should. For example, the betting tax is bringing less than GHC50 million Ghana cedis. It is a nuisance tax, and scrapping it would not mean in a way that will hurt the economy.
He pledged to work with the Ghana Revenue Authority (GRA) to ensure that the finance minstry increases the compliance and raise revenues.
“In the medium term, my vision is to increase tax revenue from 13.8% of GDP to 16-18% and that will be able to compare ourselves with our peers. I believe the potentials are there,” he stated.
The Finance Minister Designate’s decision to abolish the betting tax is not surprise as it is in line with one of the campaign promises of His Excellency John Dramani Mahama in the 2024 general elections.
He sounded emphatic that scrapping the betting tax will not necessarily affect the forward March of the country’s economy, provided that government’s expenditure is accordingly adjusted.
The betting tax has been a subject of debate especially when it was introduced, with many suggesting that it should be a scrapped to lessen the financial burdens of the citizenry.
Many also attribute the humiliatory loss of the New Patriotic Party (NPP) in the just ended presidential and parliamentary elections to the introduction of this betting tax. Citizens, mostly the youth campaigned against it and might have voted against the NPP.
