ISODEC calls on government to support financial transaction tax

The Integrated Social Development Center (ISODEC) has called on government to join other countries on the continent to work to ensure that the African Union (AU) demonstrates full support for the Financial Transaction Tax (FTT).

“A stable global economic order is a key requirement for Africa’s development and supporting the financial transaction tax would contribute greatly to Africa’s development,” the group said.

A statement issued and signed in Accra on Tuesday by Bishop Akolgo, Executive Director of ISODEC said if the tax failed in its deterrent objective, proceeds from the tax could be used to support the provision of social services and livelihoods in developing countries.

It said the center joined forces with campaigners across the globe, advocating for the introduction of FTT, particularly in the advanced and wealthy nations.

The statement said June 22 had been set aside as the Global Day of Action for FTT, meanwhile campaigners both in Ghana and around the world urged the introduction of such taxes to provide resources for the development to create stable global market conditions essential for the development of poor countries.

It explained that frequent activities and transactions of market speculators were the major sources of instability for global markets and the economies of countries.

The statement, therefore, said: “Clearly such activities of market speculators are in the interest of only a few whilst the poor everywhere in the world and developing countries remain perpetual losers in this unsolicited financial gamble.”

It noted that situations such as these provided some reasons why the gap between the rich and the poor, developed and the developing countries kept widening, saying “To eradicate these practices all must join hands for the demolishing of this financial monster.”

The Center commended former Brazilian President Inacio Lula Da Silva, the 28 low-income Francophone countries who have endorsed the FTT and the 1000 economists led by Jeffrey Sachs and Joseph Stieglitz who wrote to the G20 indicating their support for the FTT.

It expressed the hope that the European Union, the British and American governments would soon demonstrate similar support for the FTT.

Source: GNA

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