Renowned economist and former rector of the Ghana Institute of Management and Public Administration (GIMPA), Professor Stephen Adei, has called for a significant increase in betting taxes as a deterrent to what he describes as a disastrous societal habit. According to Prof. Adei, the current 10% tax on earnings in Ghana is insufficient to address the growing negative consequences of betting, particularly among the youth. He proposes raising the tax rate to an unprecedented 50% as a means to curb the practice and reduce its devastating impact.
Betting, he argues, has become an epidemic, especially among young people, who often see it as a quick route to wealth. However, the reality is far from this illusion. Many individuals lose significant amounts of money, leading to financial instability, broken homes, and, in extreme cases, mental health challenges. Prof. Adei highlighted that betting fosters a culture of dependency, laziness, and misplaced priorities, diverting attention from hard work and innovation, which are the bedrock of any thriving society.
By increasing the tax rate to 50%, the government could achieve dual objectives: discouraging betting and raising revenue to address social issues caused by the habit. Prof. Adei’s proposal aligns with broader calls for regulatory measures to tackle gambling addiction and protect vulnerable groups.
Critics, however, argue that excessively taxing betting could push the industry underground, creating unregulated avenues that would be even harder to monitor. Nevertheless, Prof. Adei remains resolute in his stance, emphasizing that the long-term societal benefits of deterring betting far outweigh potential challenges.
The professor’s proposal sparks an important debate about balancing economic interests with societal well-being, highlighting the need for bold measures to address the adverse effects of gambling.
