Oxfam Tax Dialogue: Ghana is rich but poorly managed – Tax Analyst

Oxfam Tax Dialogue: Ghana is rich but poorly managed – Tax Analyst

During a recent Oxfam Tax Dialogue, which aired on Citi TV, Tax Analyst and Executive Director of Revenue Mobilisation Africa, Geoffrey Ocansey, offered a candid assessment of Ghana’s fiscal health and governance. Themed “Is Ghana’s Tax Regime Fit for Purpose?”, the dialogue sought to scrutinize the efficiency and fairness of the country’s tax system.

Ocansey’s remarks were both critical and constructive, painting a picture of a nation rich in resources but hampered by suboptimal management practices.

“We are only a poorly managed country,” Ocansey remarked, pointing out a crucial disparity between the nation’s potential wealth and its current state of affairs.

He argued that despite Ghana’s considerable resources, the country’s wealth is not being leveraged effectively due to management inefficiencies.

This observation sparked a broader conversation about fiscal responsibility, governance, and the need for a strategic overhaul of the country’s financial management systems.

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Ocansey called for a significant reduction in government expenditure and a more strategic approach to debt management, suggesting that these are critical steps towards stabilizing Ghana’s economy.

Moreover, he stressed the importance of moving beyond mere talk in combating corruption, indicating that concrete actions are necessary to address this pervasive issue that undermines public trust and hampers economic development.

The tax analyst also provided insights into Ghana’s tax system, which he described as equitable on paper. He commended the country for having a robust tax structure, arguably one of the most comprehensive in Africa.

However, Ocansey pointed out a significant gap between the theory and practice of tax collection and allocation in Ghana.

He emphasized that while the country has a fair framework for taxation, there are substantial inefficiencies in how taxes are collected, managed, and utilized.

Ocansey’s critique extended to the transparency and accountability of the tax collection process. He suggested that improving clarity on how tax revenues are utilized could enhance public compliance and trust.

“People complain that they do not see what their taxes are used for,” he noted, highlighting a common concern among taxpayers.

By segregating roles in the tax collection channel and providing clear accounts of tax revenue expenditure, Ocansey believes Ghana can improve its fiscal management and leverage its resources more effectively.

The dialogue underscored the need for systemic reforms in Ghana’s fiscal management and tax collection practices.

By addressing these challenges, Ghana can harness its wealth more effectively, ensuring a more prosperous future for its citizens.

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