Convert voter IDs, MoMo accounts into bank accounts if you want to increase the banking population – Ofosu-Dorte
David Ofosu-Dorte, the Executive Chairman at AB & David Law firm, has recommended that voter ID cards of citizens and mobile money accounts must be converted into bank accounts to help increase the banking population in Ghana.
He made this suggestion during a public lecture organised by One Ghana Movement with support from the UPSA Law School titled “The 1992 Constitution: A Fundamental Law for our prosperity or a well-crafted guide for our economic doom” on Thursday, January 5, 2023, at the UPSA Auditorium.
He said one of the simplest and most convenient ways to increase the tax net is to convert voter IDs and mobile money accounts of people without bank accounts into bank accounts to solve the growing menace.
“If we want to increase the banking population, we could convert voters IDs into bank accounts with zero accounts. It can be done because that is what Mauritius does. Instead of doing that, we have done things that have been detrimental to us,” he opined.
According to him, this would be an easier way to broaden the tax net and get more people to get Tax Identification Numbers to rake in more tax revenue.
Mr Ofosu-Dorte also called for a limit that would hinder the government from implementing more taxes on the ordinary Ghanaian.
“Let’s remember that the NDC had a haircut years ago for the banking sector only. This time round, there is a haircut which has affected other entities. We are likely to have a “head cut” the next time. Watch 2027 to 2029, if we continue what we are doing, we will be more broke than we are now,” he stated.
He also predicted that Ghana’s economy may grow in the next couple of years, but may eventually decrease if the government does not maintain fiscal discipline.
“The history is very clear, anytime you are declared the fastest-growing economy, five to seven years later, you will be back to the IMF. I do not blame the IMF for it. You will notice that it encourages borrowing, and it forces us to walk to the IMF for some discipline,” he added.
