Experts Call for Tax Reforms and Consistent Policy Execution to Boost Ghana’s Economy
Speaking at the inaugural event of The Daily Graphic/Ecobank Ghana Economic Forum held at the Ecobank Head Office in Accra, Professor Peter Quartey, Director of the Institute for Statistical, Social and Economic Research (ISSER), warned that Ghana’s current tax regime promotes evasion and enriches a select few at the expense of national development.
Prof Quartey’s Remarks
High Taxes: Prof Quartey argued that the imposition of high taxes on individuals and businesses is backfiring and undermining public confidence in the tax system.
Collusion and Corruption: He noted that Ghana’s approach has created an environment that fosters collusion and corruption between tax collectors and taxpayers.
Informal Sector: More than 80% of Ghana’s economy remains untaxed, putting undue pressure on the formal sector.
Prof Quartey called for an urgent review of the VAT system and advocated broader stakeholder engagement to bring informal businesses under a more equitable tax regime.
Bank of Ghana’s Caution on Economic Progress
Mr. Osei Gyasi of the Bank of Ghana’s Governance Department, speaking on behalf of the central bank at the same forum, noted that the Ghanaian economy is showing renewed signs of recovery.
Mr Gyasi’s Remarks
Fragile Progress: Mr Gyasi cautioned that the progress made remains fragile, citing fiscal pressures, currency volatility, and the global economic environment as significant risks.
Policy Coordination: He stressed the need for close policy coordination between monetary and fiscal authorities, noting that a single misstep could reverse the hard-won gains.
The Daily Graphic/Ecobank Ghana Economic Forum provided a platform for these experts to share their insights on Ghana’s economy, highlighting the need for reforms to promote sustainable development.
