Considering successes recorded in its mid-year collection performance, the Ghana Revenue Authority (GRA) believes it is well on course to achieving this year’s tax target of GH¢146billion.
GRA Commissioner-General Julie Essiam recently briefed media on the Authority’s mid-year 2024 performance, and said a total of GH₵68.49billion against a half-year budget of GH¢67.9billion has so far been collected.
It exceeded the cumulative mid-year target by GH¢138.6million, which represents a 0.2 percent increase. This achievement represents a nominal growth of 37.6 percent over the same period of last year.
The GRA also outperformed and exceeded its monthly target for June by an exceptional 21.2 percent, lauding it as a significant increase in a single month. What is significant, however, is that these were achieved against the headwinds of a very difficult first quarter.
The Authority fell below its January target by 12.3 percent with a shortfall of 6.3 percent in February, while March suffered a similar trend with an increased negative deviation of 12.7 percent.
Ms. Essiam disclosed that GRA started a journey of rebound in April when the monthly target was exceeded by 1.9 percent, then exceeded again in May by 1.4 percent.
The significant achievement of a 21.2 percent positive increase in June was recorded, which according to the Commissioner-General supported the turnaround to achieve GRA’s positive half-year performance target.
The Authority, said the Commissioner-General, has also registered 176, 524 new taxpayers against a 2024 annual target of 144,000.
Should the trend continue in this positive manner, the Commissioner-General has little doubt that it will help to achieve the goal of GH¢146billion, and ultimately achieve a tax-to-GDP ratio of 20 percent by end of year 2027.
With inflation trending downward and revenue collection on course, the economic rebound is more robust – which brings better investor confidence in the economy and spells a good omen. We urge the GRA not to rest on its oars, but rather intensify domestic revenue mobilisation in order to meet its own set target.
Indeed, it is a testament of the Authority’s commitment and resilience to deliver on its target – and we wish them well in that regard.
