Minister of Finance Dr Cassiel Ato Forson has disclosed that the government would have generated a whopping amount of GH¢180 million from the betting tax implemented by the opposition government, the New Patriotic Party.
Dr Forson, while reading the 2025 budget on Tuesday, March 11, 2025, revealed that the National Democratic Congress (NDC) would be scrapping the 10 percent withholding tax on bet winnings but disclosed the amount the government could have generated had it not been scrapped.
According to the finance minister, while the revenue generated would have been substantial, abolishing the tax will not significantly impact the economy. Instead, it will relieve citizens of an unnecessary financial burden, as the government’s policies can generate revenue to fill the gap.
“The E-Levy would have accrued GH¢1.9 billion, and the betting tax would have accrued GH¢180 million. The two put together are just above GH¢2 billion. By reducing the tax refund accounts from six to four, it is enough to remove this tax, and the savings would be provided to take care of social interventions,” he said.
The Minister of Finance was presenting the 2025 Budget and Economic Policy of the John Dramani Mahama administration in Parliament.
He presented on behalf of President John Dramani Mahama, under Article 179 of the 1992 Constitution and Section 21 of the Public Financial Management Act, 2016 (Act 921).
Dr Forson also touched on the ‘real’ state of Ghana’s economy and the policy objectives of the Mahama administration to tackle the country’s current economic challenges.
The 10% withholding tax on betting was imposed by the past Akufo-Addo-led government in an attempt to curb the rate of gambling and generate more revenue for the country.
The move has since been met with massive criticisms by Ghanaian ‘bettors’, who felt the government has been insensitive to their plight.
Meanwhile, watch as Ghanaians debate the appointment of Jordan Ayew as Black Stars below:
Also, watch a compilation of today’s news in Twi here:
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