Dr. Richmond Atuahene, a renowned banking consultant and financial expert, has called on the government to direct tax cuts toward productive sectors like agriculture, rather than continuing the widespread tax exemptions granted to businesses.
He argued that such exemptions are weakening the economy and failing to address critical development needs.
Speaking on ABC in the Morning on Wednesday, December 4, 2024, Dr. Atuahene expressed concern over Ghana’s dependence on food imports despite its vast arable land and favorable agricultural conditions.
“It is disappointing that we have the resources to grow our own food, yet we still rely heavily on imports. Providing the right incentives to the agricultural sector can ensure food self-sufficiency and reduce the outflow of foreign exchange,” he said.
Dr. Atuahene stressed that tax policies should be targeted to stimulate growth in sectors that can generate sustainable economic benefits.
He further suggested that tax exemptions should be prioritized for capital-intensive ventures, such as oil exploration, instead of oil refinery companies.
Highlighting the economic strain caused by tax avoidance among high-net-worth individuals, Dr. Atuahene called for equitable property taxation as a means of boosting national revenue.
“The complex financial arrangements and political influence of these elites often facilitate aggressive tax avoidance. Enforcing fair property taxes could significantly reform Ghana’s economic landscape,” he noted.
He urged the government to strengthen the capacity of the Ghana Revenue Authority to improve tax collection systems and support long-term economic growth.
