Finance Minister Ken Ofori Atta
The government has announced the establishment of the Revenue Assurance Enforcement (RACE) Initiative to help plug loopholes in revenue mobilisation across the country.
The initiative is expected to be officially launched on Monday, 2 August.
Announcing the initiative during the presentation of the Mid-Year Budget in Parliament on Thursday (29 July) Ofori-Atta said “The remit of RACE is to identify and prevent revenue leakages while reinforcing the culture of compliance nationwide.”
“Mr. Speaker, Government is aware of the critical importance of additional revenue to finance all these initiatives that underpin our recovery and transformation agenda. Indeed, we are committed to raising our tax to GDP from the current 14% to 20% as our peers in the sub[1]region. The Ghana Revenue Authority is therefore implementing a transformation agenda to block the huge leakages in key sectors of the economy.”
He added “This transformation agenda is not just about mobilizing more, it is equally about mobilizing efficiently through technology and integrated data systems. 97. We have also established the Revenue Assurance and Compliance Enforcement (RACE) Initiative to complement the efforts of the Ghana Revenue Authority (GRA). “
Touching on the Ghana CARES programme, he said the Ghana Investment Promotion Centre has been tasked to mobilise GHC¢70billion for the programme.
“Mr. Speaker, the Ghana Investment Promotion Centre (GIPC) also has a crucial role to play under the Ghana CARES programme by spearheading the mobilisation of GH¢70billion in private sector investment.”
