According to the TJC, a coalition of NGOs working to help widen the country’s tax net, the porous system of tax policies in African had provided an impetus for multi-national companies on the continent to evade taxes and benefit from irrational tax exemptions.
Mr Raphael Godlove Ahenu, the Brong-Ahafo Regional Chairman of the Coalition who made the call said with a coordinated and well strengthened tax systems and policies in Africa, the continent could generate the required resources needed for development.
He observed that Africa remained the net creditor to the rest of the world saying according to the Honest Accounts Report 2017, published by (Global Justice) Africa is a net creditor by about $41 billion to the rest of the world each year.
That notwithstanding, Mr Ahenu who is the founder and Chief Executive Officer of Global Media Foundation (GLOMEF), an anti-corruption media advocacy NGO regretted that the continent loses huge financial resources, about $50 billion each year.
This is through illicit financial flows, usually of multi-national corporations, some rich individuals and corrupt officials, he said.
Speaking at a tax education campaign organized by the coalition and held in Sunyani, Mr Ahenu said the huge resources if released in the continent could be invested in productive sectors to lift the growing populations from impoverishment.
The campaign aimed at rallying support from the grassroots to advocate cancellation of tax exemption for multi-national companies in the country.
According to the African Union/Economic Commission of Africa’s (ECA) High Level Panel Report, Mr Ahenu said Africa lost about $1 trillion between 1980 and 2008, saying Ghana was among the 10 top countries in Africa haemorrhaging resources.
This amount if available could provide Ghana about 300 times the “Tema motorway” throughout the country or give free education to 7.3 million Senior High School students, yet still provide space for over 500,000 Ghanaian children out of school and loitering on the street each year.
Mr Ahenu observed that tax exemption most African governments granted to multi-national companies were irrelevant, hence the need for Africa leaders to come together and tighten their internal tax systems.