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
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