Sports betting: Gov’t eyeing GH¢300M revenue from sector

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The Ministry of Finance is set to pursue a rigorous program to ensure Sports Betting companies registered in Ghana are taxed.

Minister for Parliamentary affairs Hon. Osei Kyei Mensah Bonsu said gaming has become a major income earner all across the globe and a significant source of Government revenue.

Delivering the budget speech of the Government of Ghana for the 2021 financial year, he indicated Ghana has not taken advantage of the systems available to ensure proper taxation in the betting regime.

According to him, the automation of the betting system from its previously manual processes has changed the character of revenue from the industry to Government coffers.

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“Mr. Speaker, gaming has become a major income earner all across the globe and a significant source of Government revenue. The influx of online betting and automation of the once totally manual process has changed the character of revenue
sources from that industry”.

Hon. OSEI Kyei-Mensah-Bonsu said the government is working to seal the leakages in the system that makes the state lose over 300 million Ghana Cedis by engaging with the relevant stakeholders in the gaming industry.

“It is estimated that Ghana loses over GHs 300 million annually in revenue due to leakages in the sector. The Ministry of Finance and the Ministry for the Interior will co-supervise the gaming industry and will soon consult with stakeholders to formulate a comprehensive policy to improve revenue mobilization from this source”.

A number of institutions including the Ghana Football Association has complained about the use of their products by betting and gaming companies without the necessary approval and has threatened to take legal action against such companies.

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Frontpageghana.com/Ghana

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