Limited access to the international money market has forced managers of Ghana’s economy to look inwards for much needed revenue to finance its development. Finance minister Ken Ofori-Atta now says raising money from domestic taxes is the way to go. The hard part: finding ways to convince millions of untaxed people in Ghana to contribute to the national kitty. Only 8.2% of working Ghanaians pay income tax according to Ofori-Atta, who is developing ‘burden sharing’ strategies to pull the rest in. “Only 2,364,348 are bearing the burden of the entire population as taxpayers as of August 2021. This is a trend that needs to be addressed to build a more equitable society,” the finance minister said while presenting the 2022 budget to parliament in December.
SOURCE: THE AFRICA REPORT
More Stories
Trends for African Students Seeking Education Abroad
Floods and Landslides Batter Madagascar
Anyone Interested in East Africa’s Dynamic Urbanisation Process should have this Book
Filling the Gap in Locally Grown Techpreneurs
South Africa has Signed an Agreement to Reintroduce Dozens of Cheetahs in India
Enhancing Trust and Security in Digital Africa
Energy Giant Eni Signed an $8 billion Gas Deal with Libya’s State-run National Oil Corporation
Expectations of the Pope’s Visit to Africa
The First Muslim to Helm South Africa’s Biggest Metropolis
The First Africa Vegan Restaurant Week
Lagos Rising: Meet the African Designers Who are Ushering in a New Guard of Fashion
My Life in Food: Idris Elba on African Cuisine and Cooking with his Mum