Economist, Prof Godfred Bokpin has urged a reconsideration of the government's revenue-raising strategies.

According to him, the current approach exacerbates inequality among the general population.

He said this at the 6th International Research Conference of The College of Humanities at the University of Ghana.

Speaking to journalists on the sidelines of the event in Accra, Prof Bokpin emphasised the importance of fiscal policy in narrowing inequality, particularly the role of taxes.

He was concerned that the current taxation approach disproportionately impacts marginalized groups, contributing to widening inequality.

"Unfortunately, Ghana has chosen a path that is of waste is inequality, because of consumption-based taxes that we are focusing on that affect the poor and the marginalised and institutionally excluded more compared to the rich, he said on Thursday, May 16, 2024.

Highlighting the potential of taxing high-net-worth individuals, Prof Bokpin revealed that Ghana could raise over $500 million from the super-rich within the country.

"For instance, if you look at Ghana's personal income tax, and how much we are making from there, we are not [not making much] at all. In fact, when we do some work about two and a half years ago, we realized that if we had some progress in taxing high net worth individuals in this country, we will be able to raise more than $500 million from the super-rich in this country. This country has a number of super rich Ghanaians. So we may say that all is not well in Ghana, but can be very careful. All is more than a tiny few," he explained.

However, the University of Ghana lecturer further lamented the inefficiency in Ghana's tax system, pointing out the low revenue generated from personal income tax.

Moreover, Professor Bokpin underscored the importance of efficient public expenditure in addressing inequality.

He emphasized the need for careful consideration of how government funds are raised and spent, as inefficient spending can further worsen inequality despite significant nominal expenditure.

Prof Bokpin evaluation came after an address by Inequality Research Co-ordinator for Oxfam International, Anthony Kamande.

Mr Kamande conducted a presentation on how to fight inequality through progressive taxation.

On the matter of taxation, the Oxfam official enumerated some ways in which the rich avoid taxation.

He pointed to the Buy-borrow-die strategy, the use of tax havens, lobbying for tax exemptions, and tax evasion.

Mr Kamande further suggested that property taxes, inheritance taxes and the net wealth of millionaires and billionaires (above a certain threshold) must be stringent.

He was, however quick to add that all this would not yield results if this resource is not put to judicious public use after collection.

The theme of the event was 'Addressing inequalities: Building socio-economic and environmental resilience for sustainable development.'

The three-day conference was attended by faculty members, students, experts, media and other stakeholders.

It provided a platform for debate, insightful and innovative theoretical discourses, practical and far-reaching initiatives that address inequalities worldwide.