GRA exceeds 2024 revenue target, mobilizes GH₵153bn

The Ghana Revenue Authority (GRA) has exceeded its revenue target for 2024 by mobilizing GH₵153.5 billion.

Data seen by JOYBUSINESS shows that the GRA mobilized GH₵7.5 billion more than the GH₵145.9 billion targeted for 2024, representing 5.3 percent increase.

The performance, according to the GRA, represents a nominal growth of 35 percent compared to 2023.

The addition of Sanitation Debt Recovery Levy, Energy Sector Debt, Sanitation and Pollution Levy, put the total revenue at GH₵157. 9 billion.

Drivers of the 2024 revenue collection

The component of domestic revenue grew by 31.6 percent, while Customs grew by 47.0 percent.

Most of the direct tax handles mobilized more than what was anticipated by the GRA.

For instance, the GRA was hoping to get GH₵30 billion from Corporate Tax. The authority however ended 2024 collecting GH₵38 billion.

Mineral Royalty brought in GH₵5.2 billion as against the target of GH₵3 billion.

Airport tax brought in GH₵1.6 as against a target of GH₵1.3 billion.

Persons close to the GRA have told JOYBUSINESS that apart from some tax handles doing very well, the authority’s quest to press hard on compliance also helped in meeting the target for 2024.

Performance of e-levy and Covid-19 levy

The GRA was hoping to collect GH₵2.1 billion for e-levy in 2024. However, it ended up realizing GH₵2 billion.

For the COVID-19 Heath Recovery Levy (Flat Rate). The GRA was targeted GH₵128 million but got GH₵86 million.

For the COVID-19 Heath Recovery Levy (Standard Rate), the GRA got GH₵2.7 billion as against GH₵4.2 billion.

Comments

Fitch Solutions retains 2025 growth rate projection at 4.2%

Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...

BoG injects $20m into FX market to support 11 BDCs

The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...

Kofi Ahovi

Search This Blog