“Scrapping the Betting Tax will not affect the forward march of the economy,” he said. He added that increasing taxes is not the only way to boost revenue. “You don’t have to increase taxes to increase revenue. What is important is to increase compliance.”
Rather than introducing new taxes, Dr. Forson noted he intends to improve compliance with existing tax laws to enhance revenue collection. He further stressed that Ghana’s fiscal challenges cannot be solved solely by increasing revenue but also require prudent management of expenditures.
“It’s not always about revenue, but expenditure,” he stated.
Dr. Forson emphasised the need to cut wasteful spending, urging decisive action to stabilise the economy. “We need to cut the waste! The time is NOW! We must work in a way that stabilises inflation, the exchange rate, and creates jobs.”
Dr. Forson also shared his medium-term vision to increase tax revenue as a percentage of GDP from the current 13.8% to 16–18%.
