Leverage on digitalization to rake in revenue
For the government to realize more revenue for its policies and programs and to get the economy out of the current crisis it finds itself in, there is the need to pay particular attention to digitalization and digitization, according to an economist, Dr Adu Owusu Sarkodie of the Department of Economics, University of Ghana.
“Government can get so much revenue if it leverages on digitalization and digitization. Marry digitization and revenue collection to ensure revenue leakages are sealed,” he said.
“Tax certificates must be presented before essential services like passports, driver’s licenses, etc are acquired,” he added.
Dr. Sarkodie also pointed out the tax sectors that are growing fast. He mentioned the service, industrial and agric sectors as areas that would give the government so much revenue.
He also urged the government to focus attention on some key sources of revenue generation.
“Property rates and tax exemption bill should be accelerated. Property rates can rake in GH¢16 billion annually. GH¢8 billion can also be realized from the informal sector,” he opined.
Tax exemptions, he observed, can be cut by GH¢5 billion to help reduce pressure on the government’s finances, he noted.
Dr. Sarkodie expressed these sentiments during the Danquah Institute’s Economic Forum which took place at the ISSER building at the University of Ghana, Legon, on Friday, December 9, 2022.
The forum was also attended by Dr George Domfeh, Dr Kwadwo Opoku with Professor Eric Osei Assibey as chairman.