Increase Betting Tax to Deter Gambling – GNCCI CEO Suggests
Mark Badu Aboagye, CEO of the Ghana National Chamber of Commerce and Industry (GNCCI), has raised concerns about the current betting tax rate, arguing that it does little to reduce gambling activities in Ghana.
He believes that the tax rate must be increased if the government is serious about tackling betting.
Betting Tax Ineffectiveness
Why People Turn to Betting
Mr. Aboagye pointed out that many Ghanaians engage in betting because they lack alternative ways to earn a living.
“The real issue is that many people who turn to betting don’t have other income sources. It’s often a last resort,” he explained.
Limited Contribution to the Economy
According to Mr. Aboagye, betting doesn’t significantly boost Ghana’s economy compared to other sectors like agriculture and manufacturing.
“Betting doesn’t add much to the economy. But when people work in productive sectors like farming or manufacturing, they contribute directly to GDP,” he said.
Betting as Emotional and Unproductive
He described betting as an emotional activity rather than a productive one, saying, “Betting is driven by emotions, with people hoping for a quick win, but there’s no real productivity in it.”
The Mahama Government’s Take
Meanwhile, the Mahama government has announced plans to scrap the betting tax in its first budget, which is expected in March. This decision has sparked debate on whether removing the tax will encourage more gambling or if better strategies are needed to address the issue.
As the discussion continues, the spotlight remains on finding a balance between regulating betting and addressing the economic realities driving many into gambling