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Kennedy Ohene Agyapong,
Kennedy Agyapong

Ken Agyapong Responds To The 10% Tax On Sports Betting

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Kennedy Agyapong, a flagbearer aspirant of the New Patriotic Party (NPP) in Ghana, has expressed his support for the 10% withholding tax imposed by the Ghana Revenue Authority (GRA) on all gross gaming winnings, including bets and lottery wins.

The tax went into effect on August 15, 2023.

Agyapong, a Member of Parliament for Assin Central, stated that he supports the decision by the GRA and even suggested that the tax should have been higher than 10%.

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He argued that betting is not a beneficial activity for the future and that the taxation could help discourage young people from spending excessive amounts of time and money on gambling.

He compared the taxation of lottery winnings in Ghana to the United States, where taxes are also imposed on such winnings. Agyapong cited the example that when someone wins $1 billion from a US lottery, their take-home amount is around $600 million, indicating that a substantial portion is taxed as it is considered free money.

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Agyapong encouraged the youth to focus on activities that contribute to their long-term well-being and financial stability instead of relying on gambling. He also emphasized the need to address unemployment issues in Ghana, pledging that if elected into power, he would work to create employment opportunities for the youth.

It’s worth noting that taxation on gambling and lottery winnings is a contentious issue in many countries, as it involves striking a balance between generating government revenue and discouraging potentially harmful gambling behaviors.

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