Ghana’s informal sector is vast — from Makola market traders to trotro drivers, artisans, and small shop owners. They move billions of cedis every year but contribute relatively little to the national tax system. Why? Because their cash-based transactions are invisible to the state, they distrust the tax system, and they often operate outside formal banking.
The result: billions of cedis in lost tax revenue annually.
But there may be a creative solution. Ghana is, after all, a gold nation. And if banks and the Ghana Revenue Authority (GRA) introduce gold savings accounts, they could bridge the gap between informal wealth and formal taxation.
Many informal workers earn more than we think. Some even buy and hold gold as their own 'savings bank.' But this wealth remains hidden.
By encouraging gold savings accounts through commercial banks, individuals can:
This shifts hidden wealth into the visible economy — without disrupting the hustle.
Nobody likes paying taxes. But people are more willing when they get something in return.
With gold accounts, incentives could include:
Bundled with a simplified tax system, the pitch becomes simple:
“Open a gold savings account, enjoy banking benefits, and pay a flat monthly tax.”
This rewards compliance instead of only punishing defaulters.
Today, traders can move thousands of cedis in cash, untaxed and unnoticed. Gold deposits, however, create a natural data trail.
This doesn’t mean harassment — it means transparency. Large deposits and withdrawals provide a fairer picture for taxation.
Why force traders to convert when they already think in commodities? GRA could allow part of taxes to be paid in gold equivalents.
For example, someone storing 10g of gold could pay tax in 0.5g. This makes taxation relatable and flexible.
Implementation would be impossible without trust. By working with groups like GUTA, market queens, and transport unions, GRA could:
Conclusion: From Informal Wealth to National Strength
In the 1980s, Ghana tried controlling prices directly to fight hoarding and inflation. It worked briefly but eventually bred black markets.
The lesson? Force rarely works. But incentives can.
Gold savings accounts offer a modern way to expand the tax net: one that respects the hustle, protects wealth, and strengthens the state.
If Ghana is serious about mobilizing domestic revenue, it must start where its wealth already lies — in the gold trusted by its people.
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