The Ghana Revenue Authority (GRA) is exceeding expectations in 2024, surpassing its mid-year tax collection target.
This positive performance comes after overcoming challenges in the first quarter.
GRA Commissioner-General Julie Essiam announced a mid-year total of GH¢68.49 billion collected, exceeding the target of GH¢67.9 billion.
This translates to a modest 0.2% increase but a significant 37.6% growth compared to the same period last year.
Even more impressive, June saw a remarkable 21.2% increase in tax collection over the target.
“These achievements were made despite initial difficulties in the first quarter,” Ms. Essiam acknowledged. Shortfalls were recorded in January (-12.3%), February (-6.3%), and March (-12.7%).
However, a strategic 90-day plan implemented in April reversed the trend. Monthly targets were exceeded in April (1.9%), May (1.4%), and June (21.2%).
“The 90-day plan focused us on key areas,” Ms. Essiam explained. This resulted in exceeding a target of onboarding 600 companies for 80% VAT contributions. By June 30th, the Domestic Tax Revenue Division had registered an impressive 614 companies.
The GRA has also significantly surpassed its annual target for new taxpayer registrations. With 176,524 new taxpayers registered so far, the 2024 target of 144,000 has already been crushed.
Looking ahead, the GRA remains confident in achieving its full-year target of GH¢146 billion. This ambitious goal is part of a larger plan to reach a 20% tax-to-GDP ratio by the end of 2027.
