Transparency in taxation and other sources of funds for the government is key in building the confidence of investors, the UK Minister of State for Development and Africa, Rt. Hon. Andrew Mitchell, has said.
He also stated that fairness in taxation is equally important in building a society that services its people.
Rt. Hon. Andrew Mitchell said these while speaking in an interview with TV3’s Alfred Ocansey on Wednesday, January 31.
“One of the things is there is very close cooperation in the inland revenue, His Majesty’s Customs and excise, there is a close programme working together to maximize tax in a civilized and decent ways.
“Through that partnership which is long-lasting, through her work that is done with the Bank of England, we are able to maximize the amount of taxes that is raised in a fair way because it is very important that investors know they will be treated fairly. Of course, that tax money goes to support the education of children, the basic health service upon citizens rely on whether they are in Ghana or in Britain,” he said.
Alfred Ocansey asked again whether he was asking for more evidence of what taxes are used for.
In answer, he said “That is one of the effects of the work we do and transparency and openness is always at the heart of all these things in dealing with taxation or other sources of finance, open and transparent budget is key ingredient of building up a state which serves it citizens.”
Rt. Hon. Andrew Mitchell further indicated that about 40% of all the stolen funds, or the dirty money around the world tend to go through London or British Overseas Territories.
He says the UK is ready to help Ghana recover any money stolen from Ghana that passes through London.
“One of the aspects which the white paper deals with is dirty money or stolen funds, where Britain under Prime Minister Cameron, who is now Foreign Minister for Britain. One of the key things he did as Prime Minister was to try and tackle global corruption and the flows of illegally taken money.
“I want to point out that the close relationship between our two countries extends to all areas, but in particular if money is stolen from Ghana as a result of corruption, Britain will be a faithful supporter of Ghana to try and bring it back. Something like 40% of all the stolen funds, or the dirty money around the world tend to go through London or British Overseas Territories. So, Britain has a dog in the fight on this, so we want to help Ghana if Ghana has difficulties in that respect,” he said in an exclusive interview aired on TV3’s Ghana Tonight on January 31.
Alfred Ocansey sat with Mr Mitchell on the sidelines of the ninth UK-Ghana Business Council (UKGBC) meeting in Accra, which he co-chaired with Vice President Dr Mahamudu Bawumia.
Among others, Council members discussed the global climate finance architecture and welcomed Ghana’s commitment to unlock climate financing to support a pipeline of impactful climate activities in areas such as; carbon finance blends, EVs, shipping and a hydrogen economy.