According to John Kwakye, it would be reckless and financially foolish to tax bet. Dr. John Kwakye, an economist and director of research at the Institute of Economic Affairs (IEA), has stated that he believes that gambling ought to be subject to taxes.
He claims that it would be financially foolish and suicidal to leave betting untaxed.
“Betting will become an increasing part of the economy with a huge tax revenue potential,” he wrote in a post on his X page. Thus, it would be financially foolish and perhaps suicidal to leave betting untaxed!
In keeping with the pledge stated during the 2024 election season, the Mahama administration is attempting to repeal the 10% betting tax.
Dr. Cassiel Ato Forson, the finance minister, recently reaffirmed his support for doing away with the betting tax, claiming that doing so would not have a negative impact on the economy.
It would be reckless and financially foolish to tax bet
“The economy’s progress will not be hampered by the repeal of the betting tax,” he stated. He went on to say that there are other ways to increase money outside raising taxes. Raising taxes is not the only way to boost revenue. Increased compliance is what matters.
Dr. Forson stated that in order to increase revenue collection, he plans to strengthen compliance with current tax rules rather than enacting new taxes.
He also emphasised the need for careful expenditure management in addition to revenue growth in order to address Ghana’s budgetary issues.
“Expenditure is more important than revenue,” he said.
In order to stabilise the economy, Dr. Forson stressed the necessity of reducing unnecessary spending and called for swift action. “We must reduce the waste! Now is the moment! We must endeavour to stabilise the exchange rate, inflation, and job creation.
In his medium-term outlook, Dr. Forson also discussed raising tax revenue as a proportion of GDP from the current 13.8% to 16–18%.
According to John Kwakye, it would be reckless and financially foolish to tax bet.
