The subject of online sports betting has been generating plenty of debate amongst Ghanaian government officials in recent weeks, with some high-ranking members calling for betting activities to be banned.
In March, Ranking Member on Parliament’s Finance Committee, Dr. Cassiel Ato Forson argued that sports betting is destroying the Ghanaian youth, and should therefore be restricted or banned completely.
Forson, a former Deputy Finance Minister was reacting to moves by the Ghanaian government to tighten their tax policy on betting companies and improve revenue mobilization from the betting sector.
The Ghanaian government revealed during the presentation of the 2021 budget statement and economic policy that the country was losing up to GHS 300 million in revenue from the betting industry due to loose tax laws.
As a consequence, the government is embarking on a mission to formulate and enforce new policies that will improve revenue mobilization from betting companies.
Forson, though, sees things differently. In his opinion, instead of looking to make more money from sports betting, the government should restrict the activities of betting companies. Forson argued that governance is not all about making money, but also about preserving the society.
“Ghana today, we are complaining that this gambling is destroying our youth. I have read a number of articles on this. I would have thought the government will come out with a policy to restrict gambling and to even ban it” he said.
So does Forson have a point? Should sports betting be banned in Ghana?
Sports betting does carry an element of danger to the Ghanaian youth. A lot of young people see betting as a means of making quick, easy money. Unfortunately, it doesn’t quite work that way. Many bettors end up losing more money than they actually win.
However, there is that somewhat blind belief among bettors that someday, they will make up for all of their losses and hit the jackpot. This often leads to gambling addiction, which can spiral into financial and mental health issues.
Having said that, sports betting is not without its good sides.
By having retail outlets and offices in Ghana, sports betting companies have created job opportunities for young Ghanaians, thus boosting the country’s economy.
Betting has also helped reduce the rate of crime and social misdemeanor among young Ghanaians. Rather than causing trouble on the streets, the youths are either in game houses or on their mobile phones placing bets in betting companies in Ghana.
With proper tax laws and effective enforcement, the government can also generate huge revenue from the betting industry. As stated in the budget, the government can make an extra GHS 300 million by imposing proper regulations on betting companies.
It remains to be seen how Ghana will work out their betting tax policies.
The Ministry of Finance and the Ministry of Interior, which oversees the Ghana Gaming Commission have been tasked with formulating policies that will improve revenue from betting companies.
In conclusion, banning sports betting in Ghana would be like throwing the baby away with the bath water. Dr. Forson definitely has a point, but rather than ban sports betting, the industry can be better regulated.
Young Ghanaians should also be educated on the dangers of gambling addiction, while companies should be mandated to implement responsible gambling tools.
By doing this, the Ghanaian gambling industry will be in a much better and healthier place.
Ghana | Atinkaonline.com
