Economist and Lecturer at the C. K. Tedam University of Technology and Applied Sciences Mr. Bismark Osei has said it will not be out of place for government to put in measures to raise internal revenues. He said when government is able to increase revenues internally, it will reduce government’s propensity to borrow on foreign financial markets.
Mr. Osei was speaking to Samuel Mbura on A1 Radio’s Daybreak Upper East Show ahead of the hugely anticipated presentation of the 2022 Budget Statement and Economic Policy today, November 17, 2021. Finance Minister Ken Ofori Atta is expected to present the 2022 budget to parliament for consideration at 10:00 AM today, with most people expecting the budget to contain policies that will lessen the sufferings of the ordinary Ghanaian.
The financial expert explained that there is the need for government to put appropriate mechanisms in place to prevent tax evasion which causes the government to lose revenue. He said suspending tax exemptions will enable the government to close the revenue gaps and stimulate development.
“Most of us have been talking about tax exemptions. We are losing so much to some of these tax exemptions. In 2017, we lost over 2.7 billion Ghana-cedis due to these exemptions,” he said. Mr. Osei called on government to use the Ghana Card as a base for tracking the payment of taxes.
On the collection of taxes, the economist called on government to take advantage of the huge potential of generating revenues from properties. He said Rwanda has taken advantage of the situation and continues to generate monies for its development.
Mr. Osei also chided government for what he described as “profligate spending” on the part of the Executive. He said the Executive’s taste for luxurious products, citing the recent presidential jet brouhaha, should be tamed.
He charged government to through the budget, take advantage of the many opportunities in the tourism industry to generate jobs and create wealth for the youth. The Economist was however shocked that government, stating their explicit interest in industralisation, had failed to take advantage of Ghana’s manufacturer; ‘Kantanka’.
A1Radioonline.com|101.1MHz| Mark Kwasi Ahumah Smith & Elijah Beyeni Yenibey |Ghana
