President John Dramani Mahama has said that it has become necessary for his administration to look at the whole tax handles, rationalize them, and make them more transparent, and easy to understand.
This, he said would ensure better tax compliance.
Speaking in an interview with Bloomberg TV at the Munich Security Conference last Monday, President Mahama said “Because of the target of achieving 24 percent revenue to GDP by 2028, the program required that revenue should continue increasing at a certain rate.
“Unfortunately, what the previous government had done was just to slap on more taxes and we had got into a stage where the more taxes that were put on, the less revenue that came in.
“And so it’s necessary for us to look at the whole tax handles, rationalize them, make them more transparent, easy to understand, so that we can have better compliance.”
Addressing Ghana’s ongoing debt restructuring efforts, President Mahama acknowledged the significant repayments due this year, particularly domestic debt obligations exceeding $15 billion in 2025.
He highlighted his administration’s proactive measures to manage these challenges, including reactivating the country’s sinking fund to facilitate debt repayments.
“We also have the issue of the debt restructuring and humps that have been created this year, we have to pay in excess of 15 billion (dollars) on the domestic debt exchange,” he noted.
“So what we’ve done is to reactivate the sinking fund and put more resources into it to take care of the repayments that have to be made this year.”
