Ghana Needs Tax Revenue Reforms … Says VODEC CEO

Daniel Asomani, CEO of VODEC Africa, has joined the growing chorus advocating for forward-looking tax revenue reforms aimed at instilling confidence in youth skills development and entrepreneurship

He believes that several taxes in Ghana’s revenue mobilisation framework have outlived their purpose and should be replaced with more proactive mechanisms to free the masses, especially the youth, from despair.

Speaking at the recently concluded National Emerging Leaders’ Economic Forum 2024 in Accra, this Monday, Mr. Asomani stated that taxes such as COVID-19, E-Levy and Emissions tax need reconsideration to not only enhance economic growth, but also empower young innovators to thrive in a dynamic business environment.

His call highlights the crucial role that effective tax reforms play in fostering an entrepreneurial spirit among the youth.

While acknowledging the challenges posed by eliminating these taxes, he proposed the introduction of a Climate Levy, which would address environmental issues and create sustainable job opportunities for young people, fostering a more equitable economic landscape.

Mr. Asomani emphasised the necessity of abolishing these taxes, as doing so would foster hope and promote fairness, equity, inclusiveness and enhance efficiency and effectiveness in the corporate sector.

“By embracing this bold shift, we can establish a fairer tax system that empowers our youth drives economic growth and prioritises the health of our planet. Let us invest in a future where young Ghanaians lead the charge toward a sustainable and prosperous Ghana,” he stressed.

Mr. Asomoni emphasised the importance of youth empowerment through job creation, a strong educational system and a stable economic framework that promotes prosperity for everyone.

He added that Ghanaian businesses can be strengthened through patronisation of locally produced goods.

Mr. Asomoni also advocated for strong leadership in Africa, emphasising the need for accountability, transparency and a firm commitment to combating corruption. He stressed that only effective leadership can ensure the responsible use of public resources.

He urged the youth to prioritise policies over short-term political gains when voting, emphasising that while immediate benefits may be tempting, they can lead to lasting consequences.

“We deserve leaders committed to creating opportunities for all, not just a select few. Let’s advocate for policies that truly address our needs and work towards a brighter future for everyone,” he underscored.

Renowned evangelist and economist, Rev. Dr. Lawrence Tetteh, on his part, attributed Ghana’s current economic challenges to a lack of visionary leadership.

He urged collaboration to alleviate these issues and criticized the youth for not being sufficiently patriotic.

“Good leadership and governance that prioritize long-term goals can change the trajectory of an entire nation,” he said, urging emerging leaders to vote based on values rather than monetary incentives in the upcoming elections.

Business and policy analyst, Isaac Boamah, visiting from the United States, advocated for policy reforms to increase employment opportunities, particularly for the youth.

He stressed the importance of youth engagement in national policy discussions and encouraged young Ghanaians to actively participate in the political process.

Nana Barima Acheampong Sarpong II, Chief of Asaman in the Ashanti Region, called on the youth to challenge the status quo and work towards a governance system that prioritizes justice, equality, and the rule of law.

He urged them to rise above apathy and embrace a responsible attitude to make a meaningful impact in society.

The event featured prominent speakers, including Mrs. Esi Mmirba Wilson, Director at People of Transformation Consolidated Bank Ghana; Ing. Felix Astrim, CEO of Fedems Limited; Dr. Elvis Banoemuleng Botah; Dr. Joshua Oppong Sarfo -Executive Director (New African Concept); Nana Akosua Konadu Asante- Samuels-Broadcast journalist and Chairman of the Governing Council of Dominion University College and Managing Director of PDB Prof. Felix Nikoi Hammond, among others.

The forum also highlighted the vital role of young leaders in shaping Ghana’s economic landscape, highlighting the importance of innovative thinking and active participation in governance

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