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Business News of Friday, 28 January 2022

Source: www.ghanaweb.com

Sealing revenue leakages to improve tax-to-GDP ratio from 13% to 20% by 2024 – Ofori-Atta

Finance Minister, Ken Ofori-Atta Finance Minister, Ken Ofori-Atta

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The Customs Division of the Ghana Revenue Authority have been tasked to undertake measures aimed at sealing revenue loopholes at the country’s ports.

According to the Finance Minister, Ken Ofori-Atta, the move will improve the government's resolve at raking in domestic revenue.

Speaking at the International Customs Day, Ken Ofori-Atta said reducing these revenue leakages will improve the country’s tax to Gross Domestic Product ratio from 13% to 20% by 2024.

“Notwithstanding the successes chalked, I am confident that there is more that GRA and Customs Division in particular can do to further enhance its level of efficiency, whiles reducing revenue leakages at the ports to its barest minimum." Ofori-Atta is quoted to have said by Joy Business.

"Towards these efforts, the ministry believes that it will add on significantly in improving Ghana’s tax to GDP ratio from the current 13% to 20% by 2024,” the minister pointed out.

He further assured the Customs Division of GRA of government's unflinching support aimed at yielding positive results and urged them to rope in available data from key institutions in the country to boost revenue assurance.

“Be assured that the Ministry of Finance will continue to support you particularly all customs-related matters geared towards revenue mobilisation as well as border controls. It is indeed the surest way for us as a country to grow from our reliance gods,” Ken Ofori-Atta concluded.

View his Timepath below:

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