Finance Minister Mohammed Amin-Adam announced that the Ghana Revenue Authority (GRA) surpassed its mid-year revenue target by 0.2%, attributed to enhanced compliance measures and enforcement.
During Tuesday’s presentation of the Mid-Year Budget Review in Parliament, Minister Amin-Adam underscored the pivotal role of the Ghana Revenue Authority (GRA) in the country’s financial landscape.
He noted that the GRA’s performance was particularly noteworthy, with non-tax revenue (NTR) exceeding expectations by 14.0% as of the end of June.
“To ensure transparency in revenue generation, the government has expanded the Ghana.Gov Platform to over 1,500 public institutions and rolled out the Ghana Integrated Financial Management Information System (GIFMIS) to 287 IGF-reliant public institutions,” Amin-Adam stated.
He reported that 140 public institutions, including GRA, are now operational on the platform, processing payments totalling GHC56.4 billion, marking a 34.6% increase compared to the previous year.
Looking ahead, the Ministry of Finance is set to take a proactive approach to meeting revenue targets. It plans to intensify collaborations with the GRA and stakeholders to implement policies and regulatory measures for the remainder of the year.
Looking to the future, Minister Amin-Adam outlined the government’s strategies for revenue mobilization.
These include broadening the tax base through simplified digital solutions and electronic bookkeeping systems. By year-end, 2,000 more taxpayers will be integrated into the electronic invoicing system (e-VAT), and GRA will enhance data sharing with other tax jurisdictions.
These measures are designed to bolster revenue mobilization and pave the way for a financially secure future for Ghana.
The Finance Minister underscored the government’s unwavering commitment to improving taxpayer compliance and enhancing the efficiency of revenue collection systems across Ghana.
This commitment clearly indicates the government’s dedication to maintaining a fair and just tax system and ensuring that all citizens contribute their fair share.