The Minister-Designate for Finance, Dr. Cassiel Ato Forson has underscored the importance of compliance in enhancing Ghana’s revenue.
He believes there is no need to increase taxes given the country’s substantial potential in revenue mobilisation.
“I have studied Ghana’s economy for some time now and without mincing words, Ghana has potential when it comes to tax revenue mobilisation. We don’t necessarily have to increase taxes before you rake in revenue. We have the handles, what we need to do is to improve compliance.”
Speaking during his vetting by the Appointments Committee of Parliament on January 13, Dr. Ato Forson pledged to raise the tax revenue-to-GDP ratio from 13.8% to 16% if approved.
“I will work with the GRA, the tax policy unit of the Ministry of Finance to ensure that we increase compliance, and ensure that we raise the revenue as much as we can.
“In the medium term, it is my vision when approved to increase the tax revenue from 13.8% of GDP to 16% -18%. By this, we will be able to compare ourselves to our peers. I believe the potentials are out there, but it doesn’t necessarily mean we should increase taxes.”
The Finance Minister-Designate assured that the Mahama government will remain committed to scrapping certain taxes.
…..
Explore the world of impactful news with CitiNewsroom on WhatsApp!
Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU: https://whatsapp.com/channel/0029VaCYzPRAYlUPudDDe53x
No spam, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital
