The government has exceeded its mid-year revenue target, with the Ghana Revenue Authority (GRA) surpassing its target by 0.2 percent.
The Finance Minister Mohammed Amin Adam announced in Parliament on Tuesday, July 23.
Presenting the 2024 Mid-Year Budget Review, Mohammed Amin Adam stated that Non-Tax Revenue (NTR) performance also exceeded the target by 14.0 percent as of the end of June.
He attributed the success enhanced compliance and enforcement measures, as well as the implementation of revenue measures outlined in the 2024 Budget Statement and Economic Policy.
These measures aim to improve the tax-to-GDP ratio from 14.1 percent to 18-20 percent by 2027, broaden the tax base, and enhance tax compliance for a more equitable and efficient revenue system.
Additionally, Mohammed Amin Adam highlighted the deployment of the (link unavailable) Platform to over 1,500 public institutions and the rollout of the Ghana Integrated Financial Management Information System (GIFMIS) to 287 IGF-reliant public institutions.
As of the end of June, 140 public institutions, including GRA, had gone live on the Platform, receiving payments totaling 56.4 billion Ghana Cedis, a 34.6 percent increase compared to the same period last year.
The Finance Minister emphasized the Government’s commitment to ensuring full disclosure of retained internal generated funds by public institutions, promoting transparency and accountability in public financial management.
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