Former Finance Minister Seth Terkper has highlighted the importance of consolidating tax systems to enhance revenue collection.
In a discussion on Morning Starr with Lantam Papanko, Mr. Terkper argued that combining the systems of the Ghana Revenue Authority (GRA) would help curb tax evasion and boost revenue.
Mr. Terkper noted that the expiration of the High-Value Tax (HVT) represented a missed opportunity for revenue enhancement. He detailed how the HVT would have connected revenue collection with imports, simplifying the process of tracking and collecting taxes.
The former finance minister also stressed the importance of re-attracting companies that left Ghana due to challenging investment conditions. He pointed out that creating a more investment-friendly environment in Ghana would result in increased revenue and economic growth.
Mr. Terkper’s comments come amid Ghana’s significant economic challenges, including high levels of debt and revenue shortfalls. His critique of the government’s economic strategies has ignited discussions about the need for reforms to stimulate economic growth and reduce dependence on debt.
Mr. Terkper assured that with a well-structured medium-term plan, it is possible to control debt and achieve economic growth, emphasizing that such commitments should be realized over the course of the term rather than in just one year.