The Faculty of Accounting and Finance (FAF) at the University of the University of Professional Studies, Accra (UPSA) has organized a public dialogue aimed at addressing the persistent issue of tax revenue leakages in Ghana.
The forum brought together industry experts, academics, stakeholders in the financial sector as well as students.
Mr. Gilbert Yirenkyi Addo, a Senior Manager in charge of Tax and Regulatory Practice at Deloitte West Africa, emphasised the urgent need to combat leakages in Ghana’s tax system, describing it as a shared national responsibility.
He stressed that Ghana loses over two billion US Dollars annually due to various forms of leakages, pointing out that tackling these tax leakages must be a serious concern for all.
Mr Addo noted that these fiscal losses do not only impact the country’s tax-to-GDP ratio but also hinders development and rob the nations of billions of cedis each year.
For his part, Dean of the Faculty of Accounting and Finance, Professor Isaac Boadi, described the situation as a national emergency that must be addressed beyond partisan lines.
“Ghana is not financially broke as some politicians suggest; the real issue is the billions of cedis lost to unaccounted tax revenue,” Prof Boadi stated as he estimated Ghana’s tax loss to be in excess of nine billion US Dollars annually.
“This is not about NDC or NPP,” he stressed. “It is Ghana versus corruption. And we are here to find solutions that will save our nation from fiscal collapse.”
To curb these losses, Professor Boadi proposed a four-point strategy that includes digitising revenue systems, formalising the informal sector, enforcing strict sanctions on tax evaders, and promoting public transparency in oil and mining contracts.
“These lost revenues are not just numbers,” Prof. Boadi added. “They represent classrooms unbuilt, medicines unbought, and dreams deferred.”
Other speakers and panellists included Prof. Douglas Boateng, Dr. Eric Boachie Yiadom, Dr Benjamin Kweku Acolatse, Dr Richard Boso, Dr Charles Gyamfi Ofori, and Mrs Abigail Maame Esi Mensah.
The rest are Mr Michael Boateng, Partner, Tax Services; Dr Priscilla Twumasi Baffour, Senior Lecturer at the University of Ghana; Mr Alhassan Yusif Trawule, Manager, Training and Development at ICAG and several industry practitioners.
They all echoed the call for urgent reforms to protect Ghana’s public finances and strengthen the nation’s economic foundations.
