Revenue Mobilization Africa, says Ghana’s ineffective debt management has been a major challenge in its revenue mobilization drive.
Commenting on Ratings Agency, Moody’s, warning on the challenges likely to be encountered by government next year, Executive Director of the Organisation, Geoffrey Kabutey Ocansey said though government has instituted a number of measures to collect taxes, there is the need to accelerate work on digitising collection systems, training and equipping collectors as well as improving monitoring systems.
He said granting incentives to stimulate and improve economic activities can contribute significantly to the mobilisation drive.
Debt accumulation he noted has over the years been a major source of pressure on governments, as expenditure outweighs revenue generated.
As a result Mr. Ocansey said government must strive to live up to the provisions in the Fiscal Responsibility Act 2018 Act (921) by cutting down on public expenditure, waste and corruption.
“There must be frantic efforts by government to improve collection systems, and effectively manage both internal and external Public debt.”
He said whiles effectively and efficiently applying revenue resources other areas of revenue mobilization must be explored to expand the revenue basket.
Passage of the Tax Exemptions bill for instance must be fast tracked to reform the exemptions regime, as the Act will lead to the development of a special manual that will regulate activities in the sector.
“Other revenue streams such as property rates, taxes on night and dawn economy must be expanded,” he said.
BY: NAA DZAGBLEY AGO