Political Scientist Prof Ransford Gyampo has lamented the inability of Ghana to raise enough revenue from its natural resources, stressing that either the political class are lazy or that they are beneficiaries of the prevailing system.
Prof Gyampo wondered why a country such as Ghana charges 5% of the worth of natural resources mined by mining companies and 10% for the exploitation of oil and tend to complain about inadequate revenue when they could have negotiated for higher rates.
“You charge just 5% for the mining of our minerals and less than 15% for our oil and you still complain of revenue generation shortfalls as reasons for going to IMF. We must go exhume and ask Gathafi how he was able to charge 70% for his oil and learn,” he asserted.
For him, the present state of affairs may be because the political class benefits from it or are lazy with regards to addressing the issue.
“The political elites are either benefiting from the foreign national rape of our natural resources or they are just lazy thinkers when it comes to revenue generation. They knew that e-levy was never going to be the panacea to our woes,” he lamented.
Ghana has had to seek a bailout from the International Monetary Fund (IMF) to help the country address its balance of payment challenges after failing to raise enough revenue domestically through taxation and other means.