Dr. Mohammed Amin Adam, Ghana's Minister of Finance, emphasized the importance of meeting revenue targets to achieve fiscal consolidation reforms and access additional funds from the International Monetary Fund (IMF).
Instructing the Ghana Revenue Authority (GRA) to act urgently, Dr Amin Adam stressed the significance of exceeding the GHS146 billion revenue target for 2024, especially in the context of ongoing fiscal consolidation efforts. He highlighted that surpassing these targets is crucial for accessing additional funds from the IMF's US$3 billion loan-support program.
Ghana has already received US$1.2 billion from the IMF program, aimed at restoring macroeconomic stability, ensuring debt sustainability, and fostering stronger and more inclusive growth.
Cleaning the taxpayer register by June 2024 and completing data migration to the ITA (Integrated Tax Application) platform, including registration, returns filing, and payments by December 2024, are among the GRA's key tasks.
Dr Amin Adam urged GRA's management and staff to diligently fulfil these obligations to reinforce Ghana's commitment to the IMF program, thereby improving business sentiments and contributing positively to various sectors.
Furthermore, he encouraged GRA to leverage digital solutions, aligning with the government's digitalization agenda. Utilizing data from the GhanaCard, Driver and Vehicle Licensing Authority (DVLA), and Lands Commission, digital solutions can inform revenue collection decisions, enhancing efficiency.
Dr Amin Adam emphasized the importance of rolling out and expanding the E-VAT mechanism to minimize human contact in revenue processes and introduce a faceless assessment system, thus streamlining revenue collection processes.
