Pianim suggests 'taxing uncompleted buildings'

Pianim suggests 'taxing uncompleted buildings'
Source: Ghana | Charles Ayitey | JoyBusiness
Date: 31-10-2019 Time: 07:10:35:am
Photo credit: Samuel Moore

Renowned economist, Kwame Pianim says placing some tax elements on uncompleted residential and commercial properties must be considered by government.

He considers this to be part of moves to increase revenue mobilization and expand infrastructure in the country.

Speaking at the 8th Ghana Economic Forum, the Yale University graduate argued that now is the time for the government to rake in revenue from the land economy.

Mr Pianim said “...You go around Accra you see a lot of uncompleted houses. Maybe we should put a tax on uncompleted houses. If you put a tax on uncompleted houses, then people will make sure they complete houses very quickly to earn income. Land that is not being used; people are sitting on lands they won’t give  it out for development, maybe we should put a tax on undeveloped lands…”

He added, “This could incentivise many to complete projects and earn an income. This could be a tax mobilisation intervention we could employ.”

In a keynote address, President Akufo-Addo re-emphasized the government’s commitment to fiscal discipline. He said prudent macro-economic management remains a priority for the government’s economic management team

Taking his turn, Governor of the Bank of Ghana, Dr Ernest Addison noted all gains made in achieving macro-economic stability must be sustained. 

Dr Addison said achieving macroeconomic stability takes deliberate policies, sacrifices and resources which if not sustained, can easily unravel.
 
He said the country has achieved a good degree of macroeconomic stabilisation, under a fiscal and monetary regime oriented towards disinflation.
 
Managing Director of Barclays Bank, Abena Osei-Poku charged the Bank of Ghana to continue keeping a close eye on its price stability mandate. 

She also called for more financial intermediation, especially after the banking sector cleanup.

Discussions at this year’s forum will be hinged on sustaining financial and economic stability with a look at the key priorities.

For seven years, the Ghana Economic Forum’s mission has been driven policies aimed at steering the country’s economy on the right path.

The event aims at bringing out new thinking and policy alternatives to help shape the country’s agenda for economic growth.

The theme for this year’s Ghana Economic Forum is: “Sustaining Financial and Economic Stability: the key Priorities”.