The Minister-Designate for Finance, Dr. Cassiel Ato Forson, has emphasized the critical role of compliance in boosting Ghana’s revenue generation.
He asserts that there is no necessity to raise taxes, given the country’s significant capacity for revenue mobilization.
“I have analyzed Ghana’s economy for a considerable period, and to be clear, Ghana possesses considerable potential in terms of tax revenue mobilization. It is not essential to increase taxes to enhance revenue. We have the mechanisms in place; what is required is an improvement in compliance.”
During his vetting by the Appointments Committee of Parliament on January 13, Dr. Ato Forson committed to increasing the tax revenue-to-GDP ratio from 13.8% to 16% if granted approval.
“I will collaborate with the Ghana Revenue Authority and the tax policy unit of the Ministry of Finance to ensure that we enhance compliance and maximize revenue generation.
“In the medium term, my vision, upon approval, is to elevate the tax revenue from 13.8% of GDP to between 16% and 18%. This will enable us to benchmark ourselves against our peers. I am confident that the potential exists, but this does not imply that we must raise taxes.”
The Finance Minister-Designate assured that the Mahama administration will remain dedicated to eliminating certain taxes.
