Betting tax to be scrapped in 2025 budget – Minister assures Ghanaians

He reaffirmed the commitment of the National Democratic Congress (NDC) government to fulfilling its campaign promises, stressing that they will not let Ghanaians down.

The minister explained that the Minister of Finance, Dr Cassiel Ato Forson, is actively working on removing so-called nuisance taxes, including the betting tax, to reduce the financial burden on bettors across the country.

In August 2023, Ghana introduced a new tax measure that imposed a 10% levy on betting and lottery winnings.

According to the Ghana Revenue Authority (GRA), this withholding tax is automatically deducted at the point of pay-out for all betting, gaming, and lottery wins.

However, in cases where a game is cancelled, and the player’s initial stake is refunded, or if the pay-out amount is equal to or less than the staked amount, the withholding tax does not apply.

Speaking in an interview with JoyNews, Opare Addo highlighted that President Mahama’s appointees are diligently working to achieve his policy objectives.

“Everybody is committed to meeting the target of His Excellency President Mahama. When the budget is presented in March 2025, all the promises we made regarding tax cancellations will be implemented, and young people should look forward to the cancellation of the betting tax,” he stated.

His comments align with recent reports indicating that Dr Cassiel Ato Forson is making efforts to ensure the betting tax is scrapped in the 2025 budget.

The finance minister is currently engaging with the International Monetary Fund (IMF) to eliminate nuisance taxes, including the betting tax..

To facilitate efficient monitoring by tax authorities, lottery operators have been required to update their software to display details of the amount staked, winnings, and the tax withheld during pay-outs.

Edward Gyambrah, Commissioner of the GRA, emphasised that the tax was introduced to enhance domestic revenue mobilisation, citing Ghana’s relatively low tax-to-GDP ratio within the sub-region.

Revenue authorities also issued a stern warning that non-compliance with the new regulations could result in the withdrawal of licences for sports betting firms, lottery operators, casinos, slot machine operators, and marketing promoters.

Ghana recently entered into a three-year IMF bailout programme in May, following a prolonged period of economic difficulties.

As part of efforts to revive the economy, policymakers have emphasized the need to broaden the tax base and enhance domestic revenue collection to steer the country back towards sustainable