Betting tax generates less than GHC50m annually; scrapping it won’t harm economy — Ato Forson

Dr. Cassiel Ato Forson, Ghana’s Finance Minister Designate, has asserted that the country’s betting tax, which yields less than GHC 50 million annually, has minimal economic impact.

He emphasized that eliminating this tax would not adversely affect the nation’s economy.

During his vetting by Parliament’s Appointments Committee on January 13, Dr. Forson stated, “Some of the taxes are not bringing in any revenue that you should [increase]. For example, the betting tax is bringing in less than GHC 50 million a year. It’s a nuisance tax, and scrapping GHC 50 million will not mean anything in a way that will affect the economy.”

This statement aligns with a campaign promise by President John Dramani Mahama, who pledged to abolish the betting tax if elected.

Dr. Forson noted that removing such taxes would not harm the economy, provided that government expenditure is adjusted accordingly.

He further remarked, “Scrapping the betting tax will not necessarily affect the forward march of the Ghanaian economy.”

The betting tax has been a subject of debate, with some advocating for its removal to alleviate financial burdens on the youth, while others, like Professor Stephen Adei, argue for its increase to discourage gambling.