Betting Tax Will Be Scrapped as President Mahama Promised – Deputy Finance Minister Assures
The Deputy Minister of Finance has reaffirmed the government's commitment to scrapping the controversial betting tax, in line with a campaign promise made by former President John Dramani Mahama. Speaking at a press briefing, the deputy minister assured the public, particularly the youth, that measures are being put in place to abolish the tax once Mahama assumes office.
The 10% tax on betting and lottery winnings, introduced by the current administration in August 2023, sparked widespread criticism, particularly from youth and betting enthusiasts who argued that the policy was unfair and targeted their source of income.
During his campaign, President Mahama vowed to remove the tax, describing it as an unnecessary burden on young people who engage in sports betting and gaming. His position resonated with many, making it a key talking point ahead of the 2024 elections.
Government’s Assurance on Policy Reversal
The Deputy Finance Minister emphasized that the betting tax repeal is a top priority under the next administration. According to him, the government recognizes the economic concerns raised by young Ghanaians and is committed to formulating a more inclusive financial strategy that supports job creation and economic empowerment.
"We understand the frustrations of the youth regarding the betting tax. As President Mahama has promised, this tax will be scrapped, and we are already working on the necessary policy adjustments to ensure a smooth transition," he stated.
Public Reactions and Economic Implications
The assurance has been met with mixed reactions. While many betting enthusiasts and youth groups have welcomed the news, some economic analysts warn that scrapping the tax could lead to revenue shortfalls for the government.
However, the National Democratic Congress (NDC) maintains that alternative revenue streams will be explored to compensate for any fiscal impact. The party has hinted at a broader tax reform agenda aimed at ensuring a fairer and more balanced taxation system.
What’s Next?
As Mahama’s administration prepares to take office, stakeholders will be watching closely to see how quickly the betting tax repeal is implemented. The move could significantly impact Ghana’s sports betting industry, which has seen tremendous growth in recent years.
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