BTA2023 The Ghana Revenue Authority (GRA) has surpassed its 2024 revenue target, generating a total of GH₵153.5 billion. This figure surpasses the initial target of GH₵145.9 billion by GH₵7.5 billion, representing a 5.3% increase.
Key Highlights:
- Strong Performance: The GRA achieved a nominal growth of 35% compared to 2023.
- Domestic Revenue Growth: Domestic revenue surged by 31.6%, while Customs revenue witnessed a significant 47.0% growth.
- Exceeding Expectations: Several key tax handles exceeded their targets. Notably, Corporate Tax reached GH₵38 billion, surpassing the initial goal of GH₵30 billion.
- Mineral Royalty Boom: Mineral Royalty revenue surged to GH₵5.2 billion, significantly higher than the projected GH₵3 billion.
- Airport Tax Success: Airport tax also outperformed expectations, generating GH₵1.6 billion against the target of GH₵1.3 billion.
- Compliance Focus: The GRA’s intensified focus on tax compliance played a crucial role in achieving the 2024 revenue target.
Performance of Specific Levies:
- E-Levy: The GRA collected GH₵2 billion from e-levy, slightly below the target of GH₵2.1 billion.
- COVID-19 Health Recovery Levy:
Flat Rate – The GRA collected GH₵86 million, falling short of the GH₵128 million target.
Standard Rate – The GRA collected GH₵2.7 billion, significantly lower than the projected GH₵4.2 billion.
