Property owners to prove source of wealth as Ghana plans crackdown on illicit cash flows

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Owners of expensive mansions in prime neighbourhoods in Accra and other regional capitals across Ghana – whose properties do not reflect in their tax filing – will be required to prove how they acquired such properties.

Finance Minister Ken Ofori-Atta, speaking at the opening of a 2019 post-budget workshop for Members of Parliament, said this was one of the surest ways of improving the revenue envelope so as to undertake various projects captured in the 2019 budget statement.

“What we are realising is that though you and I may own a building at East Legon, Cantonments [and other prime areas], it however does not reflect in your tax filing. So, we are now going to zoom-in on such properties so you can prove to us how you were able to buy that property” he said.

Resource envelope entails the total revenues available from both public and non-public sources, which constitute generated revenue, foreign loans, divestiture proceeds, and domestic financing. 

Mr. Ofori-Atta said he remains excited about the future and appealed for the citizenry to rally behind government in developing the economy.

“Next year is going to be a serious working year with regard to making sure that these leakages are out, and rolling-out the infrastructure and industralisation drive,” Mr. Ofori-Atta said.

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