The Ghana Revenue Authority (GRA) has reported a robust performance in its mid-year tax collection, surpassing expectations despite initial challenges in the first quarter of 2024.
Ms. Julie Essiam, Commissioner General of GRA, at a media briefing in Accra yesterday, made known the Authority’s significant achievements and outlined plans for the remainder of the fiscal year.
Ms. Essiam announced that GRA had collected GH₵68.49 billion in the first half of 2024, exceeding the mid-year target of GH₵67.9 billion by GH₵138.6 million, marking a 0.2 percent increase.
“This accomplishment represents a notable 37.6 percent growth compared to the same period last year, reflecting the Authority’s resilience and strategic adjustments.”, she said.
The GRA’s performance in June was particularly outstanding, surpassing the monthly target by an impressive 21.2 percent,” Ms. Essiam stated, underscoring the momentum gained after a challenging start to the year.
She attributed this success to a focused of a 90-day plan implemented by GRA leadership to steer the Authority back on track following a sluggish first quarter.
Acknowledging the difficulties faced early in the year, Ms. Essiam detailed a turnaround, beginning in April, where targets were exceeded by 1.9 percent, followed by additional gains in May.
The pinnacle achievement came in June with a 21.2% increase, which significantly contributed to meeting the mid-year revenue goals.
A crucial element of GRA’s recent success was the execution of targeted initiatives, including achieving 80 percent VAT contributions from 600 identified companies, surpassing the target with 614 companies by June 30.
Additionally, GRA registered 176,524 new taxpayers against an annual target of 144,000, indicating robust expansion in the taxpayer base.
“These accomplishments pave the way for achieving our ambitious year-end target of GH₵146 billion,” Ms. Essiam affirmed.
She emphasised GRA’s strategic focus on increasing the tax-to-GDP ratio to 20 percent by 2027, underlining the Authority’s commitment to sustainable fiscal growth and development.
Ms. Essiam expressed confidence in GRA’s capacity to sustain momentum in the coming months, leveraging strategic planning and collaborative efforts to ensure continued success in revenue collection and economic stability for Ghana.
