Finance minister Dr. Cassiel Ato Baah Forson has urged the Ghana Revenue Authority (GRA) to exceed its revenue targets for 2025.
Speaking during a working visit to the GRA headquarters in Accra, he commended the authority for surpassing its 2024 target but stressed the need for even greater performance this year.
The GRA has surpassed its 2024 revenue target, collecting GH¢ 153.5 billion, a 5.3 percent increase over the projected GH¢ 145.9 billion.
This translates to a nominal growth of 35 percent compared to 2023.
Key drivers of this performance include robust growth in domestic revenue (31.6 percent) and customs (47 percent), exceeding expectations across several tax handles. Notably, corporate tax collections reached GH¢ 38 billion, surpassing the GH¢ 30 billion target.
Addressing GRA management, Dr. Forson highlighted the country’s limited borrowing options in the current fiscal environment.
“Without revenue, there is little you can do. We do not have access to the Eurobond market, commercial bank loans, or even the domestic bond market. The only access we have is Treasury bills and multilateral loans,” he said.
He added that these constraints make domestic resource mobilisation more crucial than ever.
The minister noted that, under the International Monetary Fund (IMF) programme, the government is obligated to raise additional tax revenue equivalent to 0.6 percent of gross domestic product (GDP) in 2025.
He called on the GRA to explore innovative ways to meet this target, stressing that the agreement was a national obligation rather than a partisan issue.
“The tax revenue for 2024 was 13.8 percent of GDP, which is too low for a country like ours,” Dr. Forson lamented.
He specifically expressed concerns about customs revenue, noting that its performance had not met expectations.
“I think customs can do more. We will need to discuss what measures can be implemented to improve collections,” he said.
Dr. Forson also acknowledged the importance of teamwork within the GRA, urging the acting Commissioner-General, Anthony Kwasi Sarpong, to encourage a collaborative culture to maximise efficiency.
“Your duty is to help mobilise resources and guide us in achieving this ambitious target,” he stated.
“We need to achieve our targets in such a way that we minimise borrowing because the space is not there,” the minister stressed.
He also urged the GRA to gear up for discussions with the IMF during its upcoming mission to Ghana in February, where the budget preparation process would be reviewed.
Dr. Forson expressed optimism about the GRA’s capacity to meet the 2025 targets, citing its track record in 2024 as a foundation for further improvement. However, he underscored the necessity of exceeding expectations to reduce reliance on borrowing.
Source: GRA
