In a bid to enhance revenue collection and streamline the tax system, the government has announced a series of initiatives aligned with the International Monetary Fund (IMF) recommendations for enhanced domestic revenue mobilisation.
In the Mid-Year Budget Review, Finance Minister Dr. Mohammed Amin Adam outlined several key measures, including the implementation of a new digital system to simplify tax collection by the Ghana Revenue Authority (GRA). This system will feature electronic bookkeeping and aim to enroll an additional 2,000 taxpayers into the e-VAT system by year-end. The GRA will also update and clean its taxpayer register to ensure accuracy.
Dr. Amin Adam mentioned plans to enhance data sharing with international tax authorities and reintroduce a property tax system. Public institutions that exceed their revenue targets will be allowed to retain the extra funds they generate. Additionally, all public institutions will be integrated into the Ghana.Gov Payment Platform to streamline payments and financial transactions.
The Finance Minister announced that the Ghana Integrated Financial Management Information System (GIFMIS) would be fully utilized for managing expenditures by the end of the year. Furthermore, road tolls will be reinstated in 2025. These measures are designed to strengthen revenue generation and ensure more effective financial management.
Despite not all measures being fully implemented in the first half of the year, Dr. Amin Adam reported that the GRA exceeded its midyear revenue target by 0.2%. Additionally, Non-Tax Revenue (NTR) performance surpassed its target by 14%.
These initiatives reflect the government’s commitment to improving fiscal discipline and boosting economic stability through more efficient revenue collection and management practices, he explained.
