Speaking on Joy News’ PM Express Business Edition on Thursday, January 23, he stated that the government should consider increasing the tax if it truly aims to deter people from betting.
“If you want it [betting tax] to be effective, you rather have to increase it. Otherwise, it is totally a waste,” Mr. Aboagye stressed.
According to him, the current 10 percent tax rate is insufficient and will not discourage people from engaging in betting activities.
Mr. Badu Aboagye raised concerns about the socioeconomic factors driving many individuals into betting, emphasizing the lack of alternative sources of income.
“The issue has to do with whether those who are involving themselves in the burden, whether they have alternative sources of income. They don’t have alternative sources of income, so now they will do that,” he explained.
He further pointed out that betting does not contribute significantly to national economic growth compared to other productive sectors.
“If you bet, you are not adding significantly to the national income. But if you are productive, you are within the agriculture sector, in the manufacturing sector, you’re making your money, and you’re also adding it to the GDP,” he noted.
Mark Badu Aboagye described betting as an emotional activity that lacks productivity, stating, “The betting is people being emotional with somebody sitting in his/her home when there’s no productivity.”
Meanwhile, the Mahama government has announced its intention to scrap the betting tax once it presents its first budget in March.
The move has sparked discussions on whether eliminating the tax would encourage more betting or if alternative strategies should be adopted to address the issue.
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