Betting tax generates less than GHC 50m annually, scrapping it won’t harm the economy– Ato Forson

Dr. Cassiel Ato Forson, the Finance Minister-designate, has proposed scrapping Ghana’s betting tax, citing its limited revenue impact.

Speaking during his vetting before Parliament’s Appointments Committee, he revealed that the tax generates less than GHC 50 million annually, arguing its removal would not harm the economy.

“Betting tax is bringing in less than GHC 50 million a year. Scrapping it won’t harm the economy,” Dr. Forson stated, emphasizing the need for more effective fiscal strategies to support economic recovery.

He also reiterated his commitment to reducing inflation to 8% plus or minus 2 in the short term as part of a broader plan to stabilize the cedi.

“BoG alone cannot anchor the Ghana cedi. The Ministry of Finance will have to play a critical role in anchoring the cedi,” he said.

Dr. Forson outlined a “strong front-loaded fiscal consolidation expenditure base” as the backbone of his strategy to reduce inflation and create room for monetary authorities to conserve reserves.

“Doing this will help the monetary authorities to save reserves and protect the cedi,” he added, stressing the urgency of coordinated fiscal and monetary interventions to stabilize the economy.