Dr. Cassiel Ato Forson, Ghana’s Finance Minister-designate, has outlined an ambitious plan to revolutionize the nation’s economy. Apexnewsgh reports
Speaking during his vetting by Parliament’s Appointments Committee, Dr. Forson emphasized the need for a multi-faceted approach, focusing on revenue mobilization, expenditure cuts, and creating a stable economic environment.
At the forefront of his 120-day agenda is the abolition of the controversial E-Levy, a move aimed at easing the financial burden on Ghanaians. Dr. Forson reiterated his stance on removing the Betting Tax, arguing that its elimination would not harm the economy. “Scrapping the Betting Tax will not affect the forward march of the economy,” he assured.
Dr. Forson emphasized that increasing taxes is not the only way to boost revenue. Instead, he intends to improve compliance with existing tax laws to enhance revenue collection. “You don’t have to increase taxes to increase revenue. What is important is to increase compliance,” he explained.
To address Ghana’s fiscal challenges, Dr. Forson stressed the need for prudent management of expenditures. “It’s not always about revenue, but expenditure,” he stated. He urged decisive action to stabilize the economy, emphasizing the need to cut wasteful spending. “We need to cut the waste! The time is NOW! We must work in a way that stabilizes inflation, the exchange rate, and creates jobs.”
Dr. Forson also shared his medium-term vision to increase tax revenue as a percentage of GDP from the current 13.8% to 16–18%. This move is expected to enhance Ghana’s fiscal sustainability and promote economic growth. With his comprehensive plan, Dr. Forson is poised to transform Ghana’s economy and improve the lives of its citizens.
Source: Apexnewsgh.com
