Ghanaians React After Finance Minister Scraps Betting Tax: “Investor Confidence Restored”

• Social media exploded with frenzy after the Finance Minister announced the cancellation of the betting tax
• Bettors, often described as 'investors', welcomed the abolishment of the controversial levy with joy
• However, it does not negate the advice, especially for those aged 18 and over, to bet responsibly

Ghanaians have taken to social media to share their reactions following the removal of the controversial betting tax.

The announcement came on Tuesday, March 11, when Finance Minister Dr. Cassiel Ato Forson presented the government's first budget statement to Parliament.

Betting tax, others scrapped

Beyond the cancellation of the betting tax, several other levies introduced under the Akufo-Addo administration—such as the e-levy, emissions levy, and VAT on motor vehicle insurance—have also been scrapped.

The Finance Minister justified the decision, stating that these tax removals would alleviate financial pressure on households and improve disposable incomes.

“The removal of these taxes is part of our strategy to ease the cost of living and restore confidence in the economy,” he told parliament as quoted by Graphic Online.

Read also

Ghana scraps IMF-linked 'nuisance' taxes

Understanding the concept behind betting tax

According to Ghanaweb, the Ghana Revenue Authority (GRA) had implemented a 10% withholding tax on all betting platform winnings in August 2023, following the passage of the Income Tax (Amendment) Act, 2023 (Act 1094).

The levy was part of a broader strategy to increase revenue from the gaming industry.

However, the tax faced significant backlash, especially from the youth, many of whom saw betting as a financial lifeline amid limited formal employment opportunities.

For this demographic, the deduction on winnings felt like an extra hurdle in an already uncertain economic climate.

Ghanaians react after betting tax cancellation

With the Finance Minister now confirming the removal, bettors—often humorously referred to as ‘investors’ in local parlance—have flooded social media with their reactions.

Many celebrated the decision, relieved that their winnings would no longer be subjected to taxation.

Read also

2025 budget statement: Appiah Stadium arrives in Parliament for Finance Minister's presentation

Following the announcement, X (formerly Twitter) became a hub of excitement as punters shared their thoughts. YEN.com.gh captured some notable reactions:

@KojoNketsia, a sports broadcast journalist, expressed optimism:

"Investor confidence has been restored."

@bblacksages kept it short and celebratory:

"Tonight we feast."

@Kwabena62443722 credited the government for the move:

"God bless the NDC party for doing this for the youths 🙏🏾🙏🏾🙏🏾🙏🏾"

@REDHOOD_1111 took a political angle:

"Dem commot the betting tax ooooooooo 🔥🔥🔥🔥🔥🔥🔥. NDC enjoy 50 years 👏🔥"

@Nii_official_gh wrapped things up with a humorous reference to football transfer guru Fabrizio Romano:

"Fabrizio just confirmed ✅ the betting tax is removed."

The removal of the tax by the government means they have fulfilled one of their campaign promises ahead of the 2024 General Elections.

That notwithstanding, fans have been urged to go about their 'investment' on a responsible note.

As celebrations continue, the long-term economic impact of this policy shift remains to be seen.

Read also

Ato Forson announces end of controversial e-levy, other Akufo-Addo era taxes

Sports journalist tells minister not to cancel betting tax

In a previous publication, YEN.com.gh reported that Sports Minister Kofi Adams has been advised against scrapping the controversial betting tax.

A senior sports journalist urged the minister and his government to rethink their stance on the betting levy.

Source: YEN.com.gh