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Cheddar GH¢7million tax evasion allegation

CediRates Spotlight Photo of Cheddar
JAN 18, 2024 LISTEN
Photo of Cheddar

Founder and leader of New Force Movement, Nana Kwame Bediako aka Cheddar, a presidential candidate in Ghana, faces tax evasion allegations from the Ghana Revenue Authority (GRA).

He incurred a GH¢50,000 fine for not filing income tax returns from 2013 to 2016.

Despite settling GH¢209,171 between 2018-2020, he again failed to file returns post-2020.

The GRA allegedly estimates Cheddar's 2021-2022 tax assessments at GH¢2,088,228 and GH¢5,096,536 respectively with penalties for non-compliance.

This controversy raises questions about his financial dealings, jeopardizing his commitment to national development.

The source stressed personal income tax's role in revealing investment activities and questioned Cheddar's ethical standing. The GRA's substantial fines emphasise accountability and transparency for those advocating national progress.

Cheddar's financial success, detailed on a TV show, stems from UK ventures. At 21, he earned a million pounds from telecom and scrap sales which is about GH¢14,876,600 according to the CediRates Currency Converter (cedirates.com/currency-converter).

Despite the success, he acknowledges investment challenges. As he enters politics, pledging youth opportunities, questions linger about his financial practices and commitment.

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