Ghana loses 3.2 trillion cedis through tax exemption

The Daily Graphic in its back page major story, reports that Ghana lost about 3.2 trillion cedis through tax exemption granted to a number of institutions in 1998.

Mr Yaw Osafo-Maafo, Member of Parliament for Akim Oda, who is reported as making this known, expressed regret that most of the exempted goods found their way into the open market to the detriment of the economy. Mr Osafo- Maafo was contributing to a panel discussion on the "performance of the Parliament of the Fourth Republic of Ghana" at the 51st New Year School at Winneba in the Central Region.

The Member of Parliament is said to have stated that Parliament has decided to move in quickly to salvage the situation. He said the House is against blanket tax exemptions because of the likelihood of abuse. He is said to have announced that the Parliamentary Finance Committee will soon place a motion before the House to set up a sub-committee purposely to consider tax exemptions.

On the performance of Parliament, he is reported as saying that the House has so far performed its legislative functions creditably. He said Parliament today enjoys a high level of co-operation and consensus building, adding that committee work is done without party politics, which is a sign of political maturity.