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Economist and Lecturer at the University of Ghana Business School (UGBS), Prof Lord Mensah, has bemoaned the failure of the state to leverage its varied natural resources to raise adequate revenue for development.
Speaking on JoyFM‘s Super Morning Show, on Thursday, January 20, 2022, he said it is unfortunate for a resource endowed country like Ghana to be relying on taxes.
“As for taxes we can’t jump out of it. But if you go to the advanced world and other parts of the world where they don’t have many resources and they are tapping into the human resource activities to build their country in the form of taxes, I understand them.
“For Ghana, we have the resources but mismanagement has brought us to this place,” he said.
His comments follow the government’s intention to implement the electronic transaction levy (e-levy) to generate revenue to fund the numerous development projects announced in the 2022 budget.
Government is still pushing for the E-Levy to be implemented despite great resistance from the Minority in Parliament and other stakeholders.
According to government, the Levy is being introduced to “widen the tax net and rope in the informal sector.”
In the latest update on Thursday, January 20, 2022, the Finance Minister said his Ministry’s engagement with many Ghanaians across the different constituencies, revealed that Ghanaians are not against the Levy.
In a media briefing on Wednesday, the Minister said the concern is about accountability. He therefore promised that government will account for the funds appropriately.
Source: myJoy
