The Ghana Revenue Authority (GRA) is preparing to bring cryptocurrency traders into the tax net as part of a sweeping effort to modernize tax administration in line with the fast-growing digital economy.
Commissioner-General of the GRA, Anthony Kwasi Sarpong, disclosed that while cryptocurrency trading is still evolving in Ghana, the legal framework already provides room to tax profits made from such activities.
“One interesting area is crypto. The crypto is evolving and growing very well. And today we have people who are dealing with cryptocurrency, and they are making money. That area is evolving. Our laws are coming up. So again, we are working with the Securities and Exchange Commission and the Bank of Ghana to bring the regulation. But in terms of tax laws, one, the tax law is still not a new one. If you make a profit or gain, you’re supposed to pay that,” Mr. Sarpong explained on JoyNews’ PM Express.
To strengthen enforcement, the GRA is deploying digital systems capable of monitoring online transactions and identifying cryptocurrency accounts. According to Mr. Sarpong, the move will ensure that traders who profit from the booming sector comply with their tax obligations.
“So today, the technology we are going to deploy will be able to bring in all the crypto accounts into focus, and then we will work with these individuals to make sure that we bring them into the tax net,” he noted.
The initiative is part of the Authority’s broader strategy to align with global shifts toward digitization. “Digitization and digital economy are here with us and into the future, and most importantly, even the taxpayer of the future is digital. And that’s why we as GRA are preparing ourselves to be digitally ready for today and into the future, so we can continue to deliver on our mandate of revenue mobility,” Mr. Sarpong emphasised.
Tracking Online Trade
Beyond crypto, the GRA is tightening oversight of e-commerce and online payments, where tax leakages remain a challenge. Mr. Sarpong explained that existing rules already require Value Added Tax (VAT) on online transactions, but weak visibility has hampered enforcement.
“So today, online business tax rules already exist, which is, for example, the VAT. If you are buying as you walk into a physical shop, you pay VAT. In the same way, when you are buying online, you pay VAT,” he said.
To close that gap, the Authority will by September deploy technology to automatically capture VAT at the point of payment for online purchases. A pilot programme will run until the end of the year before full-scale implementation.
Mr. Sarpong stressed that the government’s focus is not on creating new taxes but on enforcing compliance within existing laws. “So you know the policy of President Mahama and the Finance Minister is that we are not introducing so many new taxes because we already have within our tax laws sufficient measures that once implemented will help us deepen and expand the tax net,” he stated.
