The Minister nominee for the Finance Ministry, Ken Ofori-Atta has dismissed suggestions that the New Patriotic Party (NPP) government’s plans to review taxes in the country will be harmful to the country’s economy.
Ken Ofori-Atta, who was answering questions at a Ministerial vetting on Friday said the government intended to bring more people into the tax net.
He brushed off claims that Ghanaians will be worse off once the taxes are scraped.
“I don’t consider these taxes to be regressive or aimed at the poor to make them worse off,” he said.
“As a party, I’ve seen keen interest in education and national health, and I will not presume that the underlying trigger for this is to make them worse off. I think the issue of paying taxes is something that we all have to do as citizens, and it is important that we all recognize the importance of it.”
The NPP said they will reduce corporate taxes from 25% to 20%, abolish the special import levy, abolish 17.5% VAT on imported medicines, abolish the 17.5% VAT on financial services, and remove the 17.5% VAT on domestic airlines ticket among others.
Several persons, particularly the opposition, National Democratic Congress (NDC) have suggested that scraping the taxes would put a strain on the economy.
However, Ken Ofori-Atta believes that broadening the tax base by bringing more people into the tax net would make up for the revenue that would be lost by scraping the taxes.We will broaden the
“We will broaden the tax base, by bringing more people into the tax net, ” he said.
“There will be a few bumps early on but we’ll recover.”
‘About Ken Ofori-Atta’
Mr. Ofori-Atta, co-founder of Databank was born in 1959 at Kyebi in the Eastern Region.
Ken had his education at Achimota School, and proceeded to have a Bachelor of Arts in Economics from Columbia University (1984) and an MBA from the Yale University School of Management in 1988.
Ken founded Databank with Daniel Ofori-Atta, Keli Gadzekpo and Torgbui Afede in 1990. Ken serves as a director for numerous companies and member and some boards too. He is a Director for Enterprise Group Ltd and Trust Bank Ltd of The Gambia of which he is Chairman.
He is a Director at the International Bank of Liberia and is also a Board Member of the Acumen Fund. Ken is a fellow of the Aspen Institute, and was adjudged as the 2nd most respected C.E.O in Ghana. Ken is a Donaldson Fellow at Yale University and a recipient of the John Jay Award from Columbia University.
Ken is married to Dr. Angela Ofori-Atta, a Clinical Psychologist at the University of Ghana Medical School.
By: Edwin Kwakofi/ghanadecides.com/Ghana