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Business News of Friday, 21 January 2022

Source: www.ghanaweb.com

We have the resources but mismanagement has brought us this far – Economist

Gold is a key natural resource for Ghana Gold is a key natural resource for Ghana

It is unfortunate for Ghana to rely on taxes for its development – Prof. Lord

Advanced countries rely on taxes for development – UG lecturer

Government has no choice but to raise revenue through taxes – Economist


A senior lecturer at the University of Ghana Business School (UGBS), Prof. Lord Mensah, has said the mismanagement of Ghana’s resources has led to the government resorting to taxes to raise revenue for its development.

In an interview on Joy FM‘s Super Morning Show, Prof. Lord Mensah pointed that Ghana had vest resources that can be leveraged on to raise revenue but these have been saddled with mismanagement on the part of government.

“For Ghana, we have the resources but mismanagement has brought us to this place,” he was quoted by myjoyonline.com.

According to the senior lecturer, it is unfortunate for a natural-resource-rich nation like Ghana, to still be relying on taxes for its development, hence government now has no choice but to tax citizens to raise revenue.

He added that advanced countries often resort to taxes for their development despite a lack of natural resources.

“As for taxes we can’t jump out of it. But if you go to the advanced world and other parts of the world where they don’t have many resources and they are tapping into the human resource activities to build their country in the form of taxes,” Prof. Lord Mensah said.

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