Skip to main content

World Bank projects 0.6% GDP revenue boost if Ghana fully implements 2025 tax measures

 


The World Bank has projected that Ghana could gain additional revenue equivalent to at least 0.6 percent of GDP in 2025 if the government fully implements the revenue measures outlined in the 2025 budget.

According to the World Bank’s latest Ghana Economic Update report, the projected increase is in line with the targets of the IMF-supported Extended Credit Facility (ECF) programme.

Speaking at the launch of the report in Accra, World Bank Country Director Robert Taliercio said full enforcement of the tax exemption law and the creation of a comprehensive tax expenditure register will enhance transparency and accountability in the country’s revenue mobilisation.

The World Bank also urged the government to strengthen the Ghana Revenue Authority’s capacity to roll out the Integrated Tax Administration System and conduct risk-based audits to improve tax compliance.

In addition, it called for the full adoption of Public Financial Management (PFM) systems such as the Ghana Integrated Financial Management Information System (GIFMIS) and the Ghana Electronic Procurement System (GHANEPS) across all ministries, departments, and agencies (MDAs) and metropolitan, municipal, and district assemblies (MMDAs).

It also recommended integrating all spending accounts into the Treasury Single Account to enhance transparency, efficiency, and expenditure control.

Improving tax administration, broadening the tax base, and strengthening public financial management will be critical to achieving sustainable fiscal consolidation,” the report noted.

Labels:

Comments

Post a Comment

Popular posts from this blog

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...
Post a Comment
Read more

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...
Post a Comment
Read more

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...
Post a Comment
Read more