BY: DANIEL ASARE
The University of Professional Studies Accra, Faculty of Accounting and Finance have held a public forum on Tackling Tax Revenue Leakages in Ghana
Pan African News’ Daniel Kwabena Asare graced the occasion and has more in the following report
The Dialogue was attended by several high-profile personalities and panelists and brought together industry experts, academics, and stakeholders in the financial sector, as well as students.
Corruption, tax evasion, smuggling along with weak enforcement mechanisms, outdated revenue systems, and a lack of transparency in key sectors such as oil and mining are key contributors to tax leakages in Ghana.
Senior Manager in charge of Tax and Regulatory Practice at Deloitte West Africa, Gilbert Yirenkyi Addo noted that Ghana’s economy is lagging in revenue mobilization, hence the need for strategic deployment to address this issue.
Senior Lecturer at the University of Professional Studies Accra, Professor Isaac Boadi bemoaned the loss of almost nine billion dollars yearly through tax leakages.
His counterpart, Dr. Eric Boachie Yiadom also echoed the call for urgent reforms.
Revenue leakages which are the root cause of the country’s ongoing fiscal challenges can be best solved with the adoption of measures such as digitizing Ghana’s revenue systems, formalizing the informal sector, enforcing strict sanctions against tax evaders, and promoting greater transparency in oil mining contracts