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Dr. Cassiel Ato Forson, Ghana’s Finance Minister-Designate, has dismissed concerns that removing the betting tax will negatively affect the country’s economy, arguing that its contribution is negligible.
During his vetting by Parliament’s Appointments Committee on January 13, 2025, Dr. Forson pointed out that the betting tax generates less than GHC 50 million annually, an amount he described as insignificant in the context of the nation’s overall economic performance.
“Some of the taxes are not bringing in any revenue that you should [increase]. For example, the betting tax is bringing in less than GHC50 million a year. It’s a nuisance tax, and scrapping GHC50 million will not mean anything in a way that will affect the economy,” he stated.
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Dr. Forson’s comments follow a campaign promise made by President John Dramani Mahama, who had vowed to remove the betting tax once in office. Forson explained that while the tax might seem small in terms of revenue, its removal would not have a substantial economic impact, provided that government spending is adjusted accordingly to offset the revenue shortfall.
The finance minister-designate emphasised that the government’s focus should be on taxes that have a meaningful impact on the economy and generate substantial revenue, rather than retaining taxes that yield minimal returns. His stance aligns with President Mahama’s broader vision to eliminate unnecessary taxes and improve the overall business environment in Ghana.
Dr. Forson’s approach, should he be confirmed, is likely to prioritise tax reforms that encourage growth while reducing the burden on sectors with minimal contribution to national revenue.
