Renowned Kumawood actor and musician, Kwadwo Nkansah, popularly known as LilWin, has voiced his opinion on the current state of betting taxes in Ghana. LilWin, during an interview on Silver FM, shared his hypothetical approach as a president regarding the issue.
He expressed that if he held the presidential position, he would not only focus on policies that create job opportunities for the youth but would also substantially increase the current betting tax from the existing 10% to a much higher rate of around 60%.
This perspective comes in the wake of the Ghanaian government’s recent implementation of a 10% tax on winnings from betting and lotteries, which sparked widespread criticism, particularly from the youth.
The Ghana Revenue Authority (GRA) stated that the tax would be automatically deducted from the winnings at the point of prize distribution for all gaming, betting, and lottery wins. LilWin’s comments reflect the broader public sentiment and ongoing debates surrounding the issue.
Nevertheless, the actor recognized the economic challenges facing the country. He suggested that while the implementation of a betting tax was warranted, it should have been introduced at a lower rate initially, considering the prevailing economic conditions. LilWin further proposed a gradual increase in the tax rate over time, as the economic situation improved. This approach, he believed, would strike a balance between generating revenue for the government and alleviating the financial burden on the citizens, especially during tough economic times.
“The concept of the betting tax isn’t really a negative one. If I were in the position of the president, I would focus on generating numerous employment opportunities, to the extent that even companies would struggle to find employees. Subsequently, I would raise the betting tax to 60%. This way, if an individual opts not to work and instead engages in betting, their gains would be minimized. For instance, if they win 100 cedis, they would only gain 40 cedis,” LilWin expressed.
“Presently, it’s evident that job opportunities are scarce, leading many young men to turn to betting. My approach would involve implementing a betting tax, but starting at a very minimal rate, around 2%. Gradually, I would then raise it to 5%, followed by 10%. As we progress, more job opportunities would become available for these individuals,” LilWin further explained.