Dean of the Faculty of Accounting and Finance at the University of Professional Studies, Accra (UPSA), Professor Isaac Boadi, has made a passionate appeal for urgent and concerted national action to address the growing problem of tax revenue leakages, which he describes as the root cause of Ghana’s ongoing fiscal challenges.
Speaking at a public forum hosted by the faculty on the theme “Tackling Tax Revenue Leakages in Ghana”, Prof. Boadi said the country is not “broke”, as is often claimed, but is bleeding from billions of cedis lost annually through tax leakages.
He warned that the scale of these losses threatens national development and undermines the country’s financial independence.
“This is not a political matter; it is not about NDC or NPP,” Prof Boadi stated firmly. “This is Ghana versus corruption. We must work together to save this nation from fiscal collapse.”
Prof. Boadi identified corruption, tax evasion, and smuggling as major contributors to the problem, along with weak enforcement mechanisms, outdated revenue systems, and a lack of transparency in key sectors such as oil and mining.
He lamented that the country’s annual losses are not mere statistics but represent real missed opportunities for development.
“These lost revenues are not just numbers,” he emphasised. “They represent classrooms unbuilt, medicines unbought, and dreams deferred.”
As part of his proposed solution, Prof. Boadi outlined a comprehensive four-point strategy which includes digitising Ghana’s revenue systems, formalising the informal sector, enforcing strict sanctions against tax evaders, and promoting greater transparency in oil and mining contracts.
His address drew strong reactions and support from participants, including Mr. Gilbert Yirenkyi Addo, Senior Manager at Deloitte West Africa, who echoed the call for urgent reforms.
Mr. Addo disclosed that Ghana loses approximately two billion US Dollars annually through tax leakages—an alarming figure that continues to affect the country’s tax-to-GDP ratio.
The event, which also featured other speakers such as Prof. Douglas Boateng and Dr Eric Boachie Yiadom, ended with a unified resolve among stakeholders to advocate for structural reforms and stronger accountability mechanisms to protect the public purse and safeguard Ghana’s economic future.
The dialogue on Wednesday, April 23, was attended by several high-profile personalities and panellists and brought together industry experts, academics, and stakeholders in the financial sector, as well as students.
