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27.03.2009 Business & Finance

The Lotto Industry generated GH¢10,600,000 in revenue last year

The Lotto Industry generated GH¢10,600,000 in revenue last year

The Lotto Industry contributed GH¢10.6 million to the Gross Domestic Product (GDP) last year, Mr Kofi Frimpong, General Secretary of Lotto Receivers Union announced in Kumasi.

He said there was expected to be increase in the revenue this year because of good record keeping practices by its members.

Mr Frimpong was addressing a delegates' conference of Ashanti Regional branch of the Union.

He expressed concern about irregularities and malpractices that continued to affect operations in the industry in-spite of its crucial role in the nation's socio-economic development.

Mr Frimpong appealed to members to refrain from using plain sheets as lotto coupons or tickets with no serial and registration numbers that could lead to tax evasion.

He pointed out that it was time government enforced the National Lottery Authority Act, to inject sanity into lotto operations in the country, adding “non-enforcement of the law since its promulgation in 2006 had allowed many unscrupulous people to operate in the industry without license.”

Mr Gabriel Boateng, Ashanti Regional Chairman of the Union, said lotto was not a social liability but an asset and urged members to refrain from malpractices.

Other executive members elected were, Mr Kwadwo Agyei, Secretary, Nana Ohene Asiedu, Treasurer and Mr Samuel Aboagye, Welfare Secretary.