An expert in finance and economics at the University of Ghana, Professor Godfred Bokpin, has urged the government to establish a clear tax policy targeting the wealthy to alleviate the financial burden on regular Ghanaians and businesses.

Speaking on Joy FM’s Super Morning Show, Prof. Bokpin highlighted that Ghana’s current tax system predominantly affects salaried workers, while individuals with significant wealth and multiple income streams tend to contribute less to the nation's coffers.

“We are taxing income in terms of personal income tax, but high-net-worth individuals don’t actually live on salary or wages,” he noted.

Professor Bokpin acknowledged the efforts of the Ghana Revenue Authority's (GRA) High Net Worth Office in recent years, but emphasized that additional measures are necessary to ensure the wealthy contribute their fair share of taxes.

He urged the government to “have a policy about taxation of high-net-worth individuals, back that with a strategy, and then restructure the high-net-worth office at the GRA.”

Professor Bokpin cautioned that the current tax system is putting significant strain on businesses.

“Businesses are suffocating. This is a small open economy, but it is possible that one entity may be required to be tax compliant of maybe six or so different tax handles in a fiscal year,” he said.