It appears that the current harsh economic environment is equally impacting state institutions, as about ten of them owe the Ghana Revenue Authority (GRA) over GH¢1 billion in unpaid taxes, raising concerns about the country’s fiscal management and the financial discipline of public entities.
Among the institutions in debt are the Ghana Airports Company Limited (GACL), the Electricity Company of Ghana (ECG), Tema Oil Refinery (TOR), and the Graphic Corporation. This GH¢1 billion debt underscores significant financial issues within these organizations.
The information was disclosed during a public accounts committee meeting on Monday, July 29, 2024, by GRA officials. A GRA representative mentioned that GACL and the Graphic Corporation are experiencing cash flow problems. Both institutions have requested more time to repay their taxes and have assured the GRA that they will fulfill their obligations once their financial situations improve.
This tax debt impacts multiple sectors, indicating that it is a widespread issue rather than a few isolated cases. The failure of these entities to pay taxes hinders the GRA’s ability to collect revenue, consequently affecting the government’s capacity to fund essential services and infrastructure projects.
Abena Osei Asare, Minister of State at the Finance Ministry, addressed the challenges of collecting taxes from some companies. She mentioned that the GRA is working closely with these institutions to create a repayment plan that allows them to settle their taxes without causing undue financial hardship.
