Business News of 2014-07-12

Ghanaians are unwilling to pay tax – BoG boss

The Governor of the Bank of Ghana (BoG), Dr. Kofi Wampah has blamed the country’s increasing public debt on Ghanaians unwillingness to pay tax. Addressing journalists in Accra, he observed that “people are not willing to pay tax”.

Meanwhile Ghana’s public debt has by the end of March increased to an alarming GH¢ 58 billion. This is a little over the 55 percent of the total value of the economy which may be described as unsustainable because it is inching towards the 60 percent mark.

The figure which was put out by the Central Bank also showed that the government has in three months added GH¢6.3 billion to the public debt. But Dr. Wampah says strict measures must be introduced if the country wants to reduce its budget deficit.

The Governor has also admitted reports that it sanctioned payment of the Black Stars appearance fees in dollars but denies approving flying 3 million dollars to Brazil. Government recently had to fly about 3 million dollars to pay players of the senior national team as their appearance fees at the World Cup.

The regulator came under serious criticism for sanctioning the act, especially when it recently stopped the payment of dollars for services in the country. But the governor said the Forest Exchange Act allows the Bank of Ghana to make exemptions in certain situations.

Source: myjoyonline.com
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