Ghana banks make huge profits, tax them more - Lecturer

BY: Maclean Kwofi
Ken Ofori-Atta - Finance Minister
Ken Ofori-Atta - Finance Minister

A Lecturer at the University of Birmingham in the United Kingdom, Dr Sajid Chaudhry, says banks in Ghana are making a lot of profit and needed to be taxed more.

Presenting some highlights on a report on the banking sector on Tuesday, Dr Chaudhry said the profit of the six biggest banks in the country totaled Gh¢4.9 billion, equivalent to 2.38 percent of the national economic output, measured by gross domestic product (GDP).

The top six banks are GCB, Ecobank, Barclays, Fidelity, Stanbic, and Standard Chartered.

The report, dubbed: Taxing profits of banks in Ghana, is co-authored by Dr Sajid Chaudhry and Prof Andy Mullineux, both of the University of Birmingham, UK.

More to follow...