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Check inefficiencies in tax system – Prof. Bokpin
A Professor of Finance at the University of Ghana, Prof. Godfred Alufar Bokpin, has advised government to check inefficiencies in the country’s tax system as it mobilises more revenue for development.
He said leakages in the system exceeded total revenue accrued to government but there could be more earnings when the loopholes were plugged.
Speaking on the sidelines of a SEND Ghana multi-stakeholder forum last Wednesday in Accra, Prof. Bokpin urged the government to focus on collecting more direct taxes instead of introducing indirect taxes that burdened the poor.
He noted there was “considerable room to collect more taxes without burdening the faithful few and without introducing fresh taxes” such as the Electronic Transaction Levy (E-levy).
He again called on the government to reconsider various tax exemptions granted foreign entities to the detriment of local businesses.
The forum on the “Commitment to Reducing Inequality (CRI) Index Report” was to discuss the state of inequality in Ghana and propose measures to address existing challenges.
The CRI report put together by Oxfam International, recommends that all governments “adopt strong anti-inequality policies on public services, tax and labour rights, to radically reduce the gap between rich and poor.”
The Economist, in a presentation, asserted that inequality in the country was at “crisis level” and affecting the ability of government to improve the wellbeing of Ghanaians.
He said that the worsening inequality gap was a security threat and steps must be taken to bridge the gap between the rich and the poor.
“The fact that a few Ghanaians are well to do but majority of Ghanaians go to bed not knowing where their next meal will come from makes it unsafe for all of us. Until every Ghanaian is okay, no Ghanaian is okay,” he said.
He noted society could become conducive for everyone if government checked public sector spending while improving the education, health and social protection sectors.
Citing connivance between tax officials and tax payers as contributing to revenue losses in the country, he further observed that government social intervention initiatives were one of many channels through which corruption was perpetuated.
He insisted that the growing poverty in the country is “fueling anxiety and causing people to cut corners,” hence the need for government to create equal and conducive environment for all.
Dr. George Domfe, Senior Research Fellow at the Centre for Social Policy Studies, University of Ghana also stressed the need to improve upon existing economic structures as interest payment on loans procured by government continued to impact the economy negatively.
He said the regressive nature of the country’s tax system must be addressed as the government focused on production instead of consumption to help attain the ‘Ghana Beyond Aid Agenda.’
By Ernest Nutsugah
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Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama
President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.
Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.
He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.
“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.
President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.
He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.
He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.
“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.
Source: Myjoyonline.com
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Prophet Courage Heavens set to launch ‘Predestination’ book on March 23
Prophet Courage A. Heavens is set to launch the much-awaited book titled ‘Predestination’ on Sunday, March 23, 2025 at 5:00PM.
The launch, which is expected to impact lives, will take place at Crossgates Ministries, Flattop, off N1 Highway, opposite Angel Hauz.
The book is aimed at addressing the way people struggle to understand how free will and destiny align.
It is also aimed at providing clarity on God’s sovereignty and one’s place in His divine plan.
The various chapters of the book address various issues through scriptures and personal stories.
Committed to impacting society, part of the proceeds from the book will go into Courage Heavens Education Legacy (CHEL), an educational foundation transforming lives.
CHEL is dedicated to providing financial support and mentorship to brilliant but needy students, ensuring they have access to quality education and opportunities for a better future.
Prophet Courage Heavens is a prolific writer and previously authored Eli Eli Lama Sabachthani, a powerful book that encourages unwavering faith in times of trials.
In addition, he has written seven more prophetic and life-changing books that are yet to be published.
He is dedicated to raising the next generation for impactful ministry. As the leader of Crossgates Ministries, he nurtures believers in faith and purpose.
