Increase Betting Tax To 50% – Institute Of Community Sustainability Tells Mahama

The Institute of Community Sustainability has raised alarm over the growing prevalence of sports betting among Ghana’s youth, describing it as a serious threat to their well-being. In response, the Institute has urged the government to consider increasing the tax on sports betting from the current 10% to 50% as a deterrent.

This recommendation comes amid widespread concern about the negative impact of betting on young people, who are reportedly spending significant portions of their income and time on betting activities. Eric Jerry Aidoo, the Executive Director of the Institute, highlighted the grave implications of this trend in a recent statement. According to him, many young bettors find themselves in a vicious cycle of staking large portions of their winnings, only to lose everything. This behavior not only drains their financial resources but also diminishes their productivity and potential.

“The current state of sports betting in Ghana is deeply troubling,” Aidoo said. “If left unchecked, this betting epidemic could have far-reaching consequences. Desperate individuals may turn to crime, including robbery, to sustain their betting habits. Moreover, companies could suffer losses as employees waste their salaries on betting, leading to reduced productivity.”

The Institute’s call for a significant tax increase on betting comes in stark contrast to campaign promises made by President-elect John Dramani Mahama. During the election season, Mahama pledged to eliminate several taxes, including the 10% levy on betting winnings, as part of his broader economic reform agenda. “In the first 120 days in office, we will hold a national economic dialogue to formulate a four-year fiscal consolidation plan. This will include abolishing the e-levy, the COVID levy, and the 10% levy on betting winnings,” he announced.

While Mahama’s promise aims to ease the financial burden on citizens, the Institute argues that stricter measures are necessary to address the escalating betting problem. They emphasize that without intervention, the societal repercussions could be severe, particularly for vulnerable young people who are already disproportionately affected by unemployment and economic instability.

The government is now faced with the challenge of balancing its economic reform promises with the pressing need to protect the youth from the adverse effects of gambling. Whether through increased taxation or other regulatory measures, stakeholders agree that urgent action is required to mitigate the potential long-term damage to Ghanaian society.

Source: GhanaFeed.Com