Ghana Revenue Authority (GRA) has been commended for surpassing its 2024 target, but newly-installed Finance Minister Dr. Cassiel Ato Baah Forson has urged the authority to attempt an even greater performance this year.
GRA surpassed its 2024 revenue target by collecting GH¢153.5billion, a 5.3 percent increase over the projected GH¢145.9billion – translating to a nominal growth of 35 percent compared with 2023.
Key drivers of this performance include robust growth in domestic revenue (31.6 percent) and Customs (47 percent), exceeding expectations across several tax handles. Notably, corporate tax collections reached GH¢38billion, surpassing the GH¢30billion target.
Indeed, Dr. Forson highlighted that the country’s limited borrowing options in the current fiscal environment restrict it from accessing the Eurobond market, commercial bank loans or even the domestic bond market.
“The only access we have is Treasury bills and multilateral loans,” he noted – adding that these constraints make domestic resource mobilisation more crucial than ever.
Under the International Monetary Fund (IMF) programme, government is obligated to raise additional tax revenue equivalent to 0.6 percent of gross domestic product (GDP) in 2025.
In this regard, GRA has been charged to explore innovative ways of meeting this target, stressing that the agreement is a national obligation rather than a partisan issue.
“The tax revenue for 2024 was 13.8 percent of GDP, which is too low for a country like ours,” Dr. Forson stated. He specifically expressed concern about Customs revenue, noting that its performance had not met expectations.
“Your duty is to help mobilise resources and guide us in achieving this ambitious target,” he added.
He also urged GRA to gear-up for discussions with the IMF during its upcoming mission to Ghana in February, when the budget preparation process will be reviewed.
Considering GRA’s track record in 2024, Dr. Forson expressed optimism about its capacity to meet the 2025 targets. He underscored the necessity of exceeding expectations to reduce reliance on borrowing.
In a related development the Sector Commander-Tema Collection, Customs Division of Ghana Revenue Authority (GRA), says Customs has enough men to support a 24-hour operation at the ports.
Assistant Commissioner Potakey said the Division has a 24-hour sector that feeds well into President John Dramani Mahama’s vision of a 24-hour economy. She believes it is left only to Ghana Ports and Harbours Authority (GPHA) and other freight stations to adapt, since GRA has men to do the work.
Tema sector collects over 80.5 percent of Customs revenue – and that whenever Tema fails the whole Customs sector is in trouble. In 2024, the Tema collection exceeded its target of GH¢33,925,850,000 by collecting GH¢36,857,370,000 at end of the year.
