Increase betting tax to 50% – Institute of Community Sustainability tells Mahama

• Posted on December 16, 2024December 16, 2024
• by Nana Kwesi Coomson
• Comment

The Institute of Community Sustainability has said that sports betting threatens the well-being of Ghana’s youth.

According to the Institute, the proliferation of sports betting, particularly among young people, has reached alarming proportions hence their call to the government to consider increasing the betting tax to 50% from the current 10% to curb this menace.

It is recalled that the betting tax was among the taxes that the now president-elect John Dramani Mahama promised during the campaign season to remove.

He said “First is resetting the economy for prosperity. In the first 120 days in office, we will hold a national economic dialogue to draw up a four-year fiscal consolidation plan. We would rationalize taxes, abolishing among others the obnoxious e-levy, the COVID levy and the 10% levy on bets winning.”

However, a s statement issued by the Executive Director of Institutes of Community Sustainability, Eric Jerry Aidoo, said that the current state of sports betting in Ghana is worrisome. Many young people are spending an inordinate amount of time and money on betting platforms, with some staking 50% of their winnings only to lose it all again.

This vicious cycle of betting and losing is not only draining the financial resources of our youth but also eroding their productivity and potential.

If left unchecked, this betting epidemic could have severe consequences for our society. Desperate individuals may resort to crime, such as robbery, to fund their betting habits. Companies may also suffer as employees squander their salaries on betting, leading to financial losses and decreased productivity.

Below is the full statement…

Increase Betting Tax to 50% to Protect Ghana’s Youth-Institute of Community Sustainability.

As the new government takes office, the Institutes of Community Sustainability wishes to bring to their attention a pressing concern that threatens the well-being of Ghana’s youth. The proliferation of sports betting, particularly among young people, has reached alarming proportions. We urge the government to consider increasing the betting tax to 50% to curb this menace.

The current state of sports betting in Ghana is worrisome. Many young people are spending an inordinate amount of time and money on betting platforms, with some staking 50% of their winnings only to lose it all again. This vicious cycle of betting and losing is not only draining the financial resources of our youth but also eroding their productivity and potential.

If left unchecked, this betting epidemic could have severe consequences for our society. Desperate individuals may resort to crime, such as robbery, to fund their betting habits. Companies may also suffer as employees squander their salaries on betting, leading to financial losses and decreased productivity.

In contrast, advanced countries have recognized the dangers of betting addiction and have established rehabilitation centers to provide support and treatment to affected individuals. Unfortunately, Ghana lacks such facilities, with only five psychiatric hospitals available, which are not even up to standard.

Increasing the betting tax to 50% would be a bold step towards addressing this issue. The revenue generated from this tax could be channeled towards establishing rehabilitation centers and providing support services for individuals struggling with betting addiction.

Moreover, a higher betting tax would also serve as a deterrent to young people who are tempted to indulge in sports betting. By making betting more expensive, we can reduce its appeal and encourage our youth to seek more productive and fulfilling pursuits.

In conclusion, we urge the new government to take decisive action to address the betting epidemic that is sweeping our nation. Increasing the betting tax to 50% is a necessary step towards curbing this menace and protecting the well-being of our youth. We owe it to ourselves, our children, and our country to take action and ensure that Ghana does not become a nation of gamblers.

Hon.Eric Jerry Aidoo

Executive Director

Institute community sustainability